Michael Bright's pension fund is valued at £3m and will be protected from his creditors, his lawyer told Insurance Times.
Michael Bright's pension fund is valued at £3m and will be protected from his creditors, his lawyer has told Insurance Times.
Trevor Sears, a partner at Davenport Lyons, said rumours that his pension was worth £11m were false.
“His pension is only worth around £3m, because most of it was invested in Independent shares. As you are aware, the price of these shares is far lower in value today.”
The company's annual reports for 1999 and 2000 state that Bright's pension contributions for those two years reached a total of £1.2m. In 1999, £552,000 was paid into his pension fund, while in 2000 it rose to £597,000.
Sears said: “The details of his pension fund are now with the official receivers. I can confirm his pension fund is not available to creditors.”
He also confirmed Bright has put both his Kent and London homes on the market. The Smarden property is worth £1.5m, while his London home is valued at roughly £1m.
“The Spanish property is not yet on the market but this is being reviewed by the receiver,” said Sears.
Sears said Bright would not be talking to the press as his wife was “very poorly” and he was preparing for his daughter's wedding.
