In relation to the Great Lakes UK Limited Pension Plan a settlement was again reached before a full hearing with the Determination Panel could take place as reported by tPR on 13 July 2011. TPR decided to investigate two companies – Chemtura Manufacturing UK Limited (CMUK), the sole sponsoring employer to the pension plan and Chemtura Corporation, CMUK’s parent company, after the Trustees of the pension scheme raised concerns in June 2009 to tPR of the Chapter 11 bankruptcy protection that a number of the group companies had filed in March 2009. As at 30 June 2009 the pension scheme, had a buy-out deficit (i.e. the amount required to purchase benefits in full with an insurance company of approximately £95 million). TPR investigated and issued a “warning notice” to both companies threatening to issue FSD’s under section 43 of the Pensions Act 2004. However in May 2011 both companies entered into an agreement with the Trustees of the pension plan in which they agreed to pay £60 million into the pension scheme over the next three years plus additional contributions connected to other pension liabilities and security providing protection to the pension scheme going forward. Additionally and an interesting point of note is that the Trustees also agreed to withdraw the pension scheme’s claims in the Chapter 11 bankruptcy and allow the process to continue without delay in exchange for the creditors agreement to be bound by the English regulatory process in relation to the pension scheme debt.