Member

The Government were in a process of privatising all sorts of organisations. Although this is the only case that has got to us, there are many other cases where similar undertakings were given. The problem in this case is that an undertaking was given and then the employer became insolvent and the scheme was in deficit, so it fell into the PPF. It had a particularly unfortunate series of privatisation, insolvency and underfunding, and so we end up with this problem.