TAXPAYER RESCUES ROVER PENSIONS

27-03-2007

More than 6,000 former workers at MG Rover in Longbridge have had their financial futures secured after the intervention of the government backed Pension Protection Fund.

The Rover pension scheme's liabilities were assessed at £589 million and its assets just £415 million.

It's the largest scheme to be underwritten by the PPF, which was created in 2005 by Gordon Brown.

Workers wh'd already retired before the company went into administration will receive 100% of their due while other workers will get 90% - capped in both cases at £26,050 per year.