Serco's pension trustees asked the company to provide a standby credit facility as it faced growing demands for collateral amid a surge in gilt yields, Sky News learns.
The pension schemes of Serco, the government contractor, have approached their sponsor to seek financial support amid a funding crunch triggered by this week's wild gyrations in financial markets.
Sky News has learnt that the outsourcing giant's pension trustees contacted the company in recent days about establishing a new credit facility in the event of a continued deluge of collateral calls. The request is thought to be highly unusual and highlights the turmoil caused even in well-funded and well-run corporate pension schemes by the sudden surge in gilt yields that followed last Friday's fiscal statement by Chancellor
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