GPG says UK regulator extends probe into super schemes

GPG says UK regulator extends investigation into its pension schemes

By Tina Morrison

Aug 1 (BusinessDesk) – Guinness Peat Group, the New Zealand investment group winding down its portfolio, said the UK regulator has extended its investigation into the company’s pension schemes.

The UK Pensions Regulator is extending its investigation into GPG’s Coats Pension Plan and its Brunel Holdings Pensions Scheme to also cover the Staveley Industries Retirement Benefits Scheme, GPG said in a statement.

The company said it had anticipated this widening of the investigation and it doesn’t know when the process will end or what liability it may face, if any.

GPG is exiting its investments to focus on its Coats thread business, however the plans have been delayed as it works through its liabilities to its pension schemes with the UK regulator.

Shares in GPG have declined 8.4 percent this year, lagging a 12 percent gain in the benchmark NZX 50 Index. The shares closed at 54.5 cents yesterday.

(BusinessDesk)

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