Wilko DB pension scheme enters PPF assessment

Wilko’s defined benefit (DB) pension scheme has entered the Pension Protection Fund (PPF) assessment period following the company's fall into administration.

Jane Steer, Zelf Hussain and Edward Williams of PwC have been appointed as joint administrators of Wilkinson Hardware Stores Ltd, Wilko Ltd and Wilko.com Ltd.

The company’s DB pension scheme, which has been closed since 2013, has a £50m deficit on a buyout basis.

PwC confirmed that the DB scheme has entered the PPF assessment period after Wilko’s fall into administration.

Wilko will continue trading without immediate redundancies as discussions with interest parties continue.

However, if buyers for some or all of the group are not found, it is likely that store closures and redundancies will follow.

Commenting on the news, a PPF spokesperson stated: “We’re aware of the insolvency of Wilko today.

“We understand this must be a worrying time for the pension scheme members and we’d like to assure those members that we’re here to protect them if needed.”

A spokesperson for The Pensions Regulator commented: “We are in discussions with the employer and scheme in our role to protect members at this challenging time, but will not comment further.”

PwC partner and joint administrator, Zelf Hussain, added: “It is incredibly sad that a well loved, family business that has been on the high street for over 90 years has had to go into administration today.

“I know the management team has left no stone unturned in trying to save the business.

“As administrators we will continue to engage with parties who may be interested in acquiring all or part of the business. Stores will continue to trade as normal for the time being and staff will continue to be paid.”

    Share Story:

Recent Stories


A time for fixed income
Francesca Fabrizi discusses fixed income trends and opportunities with Goldman Sachs Asset Management Head of UK Pensions Solutions, Fixed Income Portfolio Management, Henry Hughes, in our Pensions Age video interview

Purposeful run-on
Laura Blows discusses purposeful run-on for DB schemes with Isio director, actuarial and consulting, Matt Brown, in Pensions Age’s latest video interview
Find out more about Purposeful Run On

Keeping on track
In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track
Building investments in a DC world
In the latest Pensions Age podcast, Sophie Smith talks to USS Investment Management’s head of investment product management, Naomi Clark, about the USS’ DC investments and its journey into private markets

Advertisement