Barclays wins High Court battle over pension split

Written by Adam Cadle

Former Barclays staff have lost their fight to prevent the bank moving its past pension promises away from its core retail banking business.

The High Court has approved the bank’s ringfencing proposals and has rebuffed claims that its pension fund members could be disadvantaged.

The scheme has around 250,000 members and nearly 100 members of the pension fund, which has a £7.2bn shortfall, had registered objections with the Court.

Members have argued that in future they would be reliant on the riskier investment banking division of Barclays to make sure that pension promises were honoured.

High Court chancellor Geoffrey Vos said his initial concerns had been “completely assuaged” and that alternative plans, such as breaking up the fund into two schemes, would be “entirely unworkable”.

The bank’s restructuring plans are set to occur in April.

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