Initially pensioners will receive payments from a cash pool totalling pounds 20m. A spokesman for the Law Debenture Trust Corporation, which is the trustee for the Maxwell Communication Pension Plan, said this was 'very good news' for all the Maxwell pensioners.
According to the LDTC, the cash will ensure that pensions are fully paid for at least the next five months. During this time the corporation anticipates that the joint liquidators of Bishopsgate Investment Management, the main Maxwell pensions vehicle, will continue to pursue assets. The liquidator, Neil Cooper of Robson Rhodes, has already recovered approximately pounds 150m.
The four schemes benefiting are the Maxwell Communication Pension Plan, the Mirror Group Pension Scheme, the Maxwell Communication Works Pension Scheme, and the private pension schemes collectively grouped under the AGB scheme.