Lucas reassures

Lucas reassures

LUCASVARITY yesterday reassured its 50,000 retired employees that their pensions would not be put at risk by the company's sale to a US rival.

Lucas wrote to all its pensioners to tell them that union fears of a raid by a US buyer on its pension fund surplus - valued at up to pounds 1.2bn - were unfounded. Lucas has agreed to a pounds 4bn takeover by the US engineering group TRW.