HMV’s pension fund is unlikely to receive £26 million entitled to it from the retailer’s administration.
The Telegraph reports that the HMV pension fund is just one of a number of creditors unlikely to receive money owed, with a number of supplies and landlords owed £157 million also set to be left wanting, according to an update from administrators Deloitte.
But a trustee of the HMV pension scheme, Independent Trustee Services Limited’s Chris Martin, says that an application has been made to enter the Pension Protection Fund, which will protect benefits being paid to the scheme’s members.
"The level of recovery for the pension scheme does not affect the benefits being paid to members as the Scheme is proceeding through a Pension Protection Fund assessment period,” he told The Telegraph.
“PPF pays set levels of compensation regardless of the amount of insolvency debt recovery so members are protected at that level. We are not aware of any factors that call in to question the Scheme's eligibility for PPF compensation."
The HMV pension fund accounts for staff at the entertainment brand as well as book retailer Waterstones.
EMI is also listed as a secured creditor for an undisclosed amount.