Creditors to spare Marconi pensions

MARCONI'S pension scheme 'will not be a casualty' of the technology group's restructuring, said sources close to the talks. News could come today on the terms of the group's long-awaited rescue deal, which will see most of the £2.6bn debt converted into new shares. Finance director Steve Hare, who was paid £433,000 last year, is a likely casualty.

Marconi's £2.5bn pension fund, which has 84,000 members, is a separate legal entity from the company and cannot be touched in the restructuring. But it has a £126m funding shortfall.

Marconi has vowed to pay in an extra £16m annually for 12 years to make up the difference. There have been fears that the creditors, a combination of High Street banks, bondholders and overseas speculators, might target this commitment.

Sources sid this is unlikely. It is suggested some banks are worried about a backlash from Marconi's biggest union Amicus.