TSSA News Release
19 June 2007
TSSA backs Pensions Regulator
Support for the Pensions Regulator’s demand for Sea Containers to fund a £90.5 million deficit in its two UK pensions funds came today from the TSSA travel union
Manuel Cortes, assistant general secretary, called on the transport and marine company to pay up immediately rather than appeal against a ruling that will benefit 1300 members.
“We welcome this decision which we think is right and fair. It means that the responsibility for paying these pensions remains with Sea Containers and nobody else.
“They should abide by their responsibilities now rather than delaying and appealing against a just award.”
Workers at GNER, the former Sea Containers franchise on the East Coast line, are not affected by the ruling because they belong to a separate rail-industry pension scheme. Sea Containers has been in Chapter 11 bankruptcy proceedings in the US since last October.
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