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British carrier Stagecoach said it had been disqualified from three competitions of rail franchises because it did not want to badume "more than 1 billion pounds" of pension-related obligations.
In a statement to the stock exchange, Stagecoach outlined the risks that he believed would have been left by the Ministry of Transport in the new franchises, including the creation of employee contributions if they refused to pay at a higher level.
Stagecoach is responsible for two of the franchises from which it was excluded – the East Midlands main line and the West Coast Extended Service, which is expected to include high speed rail services on a new line from 2026 as part of the HS2 project of £ 56 billion. Diligence was also excluded from the Southeast franchise.
In his statement, he hinted that he could have paid more than £ 1.6 billion for pension liabilities, including £ 691 million on the West Coast franchise alone.
Stagecoach said that accepting the DfT's position on pensions "would have been to take an unknowable risk and would be contrary to the success of the company but also to the interests of employees, customers and the franchise".
In mid-April, Stagecoach stated that she had been disqualified from the three franchise contests because of "non-compliant" offers, "primarily with respect to pension risk".
According to the pension regulator's estimates, this potential funding gap in the Railways Railroad Pension System rises to 7.5 billion pounds.
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