Originally Posted by
Mitchaa
As above, country specific.
Scotia ended their final salary schemes circa 2009 so all contributions before this date in theory could be at risk if Scotia were to go under (Just look at the current BHS Philip Green fiasco) -
However, few points to note, 1) The U.K. Government has a pension protection scheme that safeguards against complete loss of any defined benefit pension schemes with the majority of the funds being protected. 2) As previously discussed, CHC Scotia are not at risk, even if the worst were to happen and the CHC group failed to exit chapter 11. 3) All pension contributions made after 2009 are secured in 3rd party pension funds (Scottish Widows etc) and nothing to do with the company.
CHC have just been awarded a 2yr contract in Australia supporting the Australian Army with EMS.
The extension is a normal process in Ch11 proceedings which allows the company a little more breathing space, the extension (Ch 11 entered May 16) takes them to the end of the year (+8mths) but it's likely they will exit some time before this date.
Isn't the Aussie Army EMS contract more like a CWN contract? I.e. there really isn't much work but we'll call you when we need a machine?
From memory Australian Helicopters and Careflight also held these contracts at one point but they only used spare machines when the Army called them to cover an exercise here and there.