The PPF is a massive help compared to the Maxwell days.
That said, inflation is critical to a pension -particularly when the government is trying to inflate its way out of the debt issues.
Ultimately, you have a company that legally promised its workers a consideration, and it is now seeking to walk away from that in whichever manner it can.
That is one reason why I find management's behaviour a disgrace.
Also consider this - the PE houses looking to invest will want to make 5 - 10x their money on such an investment....