Financial Times FT.com

Pension deficits may be ‘poison pill’

By Anousha Sakoui

Published: November 20 2008 02:59 | Last updated: November 20 2008 02:59

Across Britain, restructuring experts are braced for a rash of companies collapsing and being restructured. Woolworths, like many other struggling companies, faces a big obstacle to any deal working – its pension fund.

The impending recession will be the first time the UK will have to face a wave of corporate debt restructuring with a pensions regulator that has strong powers to protect pension schemes.

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