© 2020 – 2023 AEA3 WEB | AEAƎ United Kingdom News
AEA3 WEB | AEAƎ United Kingdom News
News

Serco injected £60m to prop up pension fund after market meltdown

£1bn scheme is latest to scramble to raise cash after chancellor’s tax-cutting mini-budget sparks turmoil

  • Market meltdown jargon explained

The pension scheme trustees at the government contractor Serco have been forced to tap the company for £60m of emergency support after the UK’s financial markets meltdown this week.

Serco’s £1bn pensions scheme is the latest to scramble to raise cash after a plunge in the pound and a meltdown in UK bond prices triggered calls on fund managers to provide collateral for niche financial products they had taken out to hedge against swings in the value of their investments.

Continue reading…

Related posts

Cancer campaigner and podcast host Deborah James awarded damehood

AEA3

Wednesday briefing: Healthcare levy ‘a kick in the teeth’

AEA3

Fugees rapper, accused of multimillion-dollar political conspiracies, convicted

AEA3

Pin It on Pinterest

Share This