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Last Updated: Monday, 4 June 2007, 12:12 GMT 13:12 UK
Council protects NEC pension fund
NEC
The NEC employs more than 1,000 people
Birmingham City Council is to guarantee the debt-burdened pension fund of the National Exhibition Centre (NEC).

In a statement, the council said it would "manage the consequences of the pension fund deficit".

The NEC, which employs over 1,000 people, said the fund deficit, at the last evaluation, was 16.4m.

Leader Mike Whitby said: "Giving this guarantee will ensure the NEC continues to boost the local economy and the wider regeneration of the area."

Recovery plan

He added: "It plays a significant role in putting Birmingham on the global map as a venue for business, tourism and leisure.

"As a city council, our links with the NEC are hugely successful and this proposal is clear evidence of the degree of trust we have in the partnership."

The NEC and the Pension Fund trustees launched a 15-year recovery plan for the fund in 2005.

The NEC operates the National Exhibition Centre, The NEC Arena, The National Indoor Arena, The International Convention Centre and Symphony Hall.

Of its 1,000 employees, some 630 are members of the pension scheme and there are 1,200 other members.



SEE ALSO
NEC Group makes profits of 32m
08 Aug 06 |  West Midlands
NEC to spend 40m on improvements
23 Mar 05 |  West Midlands

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