Liberty Global (owners of Virgin Media) and Telefonica (owners of O2) have announced that they plan to merge their UK operations to form a “leading fixed-mobile provider”. NTLPA members, and all with an interest in the NTL Pension Plan, will, no doubt, be interested in what impact this will have on the Plan given that Virgin Media is its sponsoring employer.
NTLPA aims, though its contacts with the Plan Trustees, to find out what, if any, impact this will have on the Plan and will seek to ensure that Members’ views are fed back with the aim of ensuring that Plan Members’ rights are protected.
As well as many press reports, a joint Liberty Global/Telefonica statement has been pubished which can be viewed here.
We note that the statement says “Each party will fund the deficit in their respective defined benefit pension schemes, arising from the next triennial actuarial valuation.”
A website has also been set up to carry more information and progress on the deal at http://www.nationalconnectivitychampion.co.uk/