Business Services Industry
MFI Furniture Group PLC Finds Pension Black Hole.
Knight Ridder/Tribune Business News, May, 2004
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
May 7--Furniture group MFI discovered a UKpound 50 million pension "black hole" after an administrative error dating back to 1994.
The kitchens and bathrooms firm didn't update its documents when the retirement age for women was increased from 60 to 65, so female workers may try to claim more pension. MFI should have paid more money into the scheme, which has 10,000 members.
MFI said: "It appears far from certain that the situation can be corrected."
The extra UKpound 50 million liability could involve it pumping another UKpound 4 million a year into the scheme for the next 14 years.
Angry former steel workers from United Engineering Forgings, who...
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