“Flybe pensioners could face financial ruin if a rescue takeover led by Virgin Atlantic falls through, after it emerged that the airline’s retirement fund is not protected by Britain’s pension lifeboat.
Some £170m of benefits owed to 1,350 members of the British Regional Airlines Group pension scheme may be wiped out if the Exeter-based airline failed because Flybe’s pension fund is registered in the Isle of Man, rather than the UK.
This means scheme members are not entitled to payments from the Pension Protection Fund (PPF) in the event of an insolvency. Flybe had a £11.6m pension shortfall in November 2018. …”
East Devon Watch 