Unloved Stagecoach may have a point on rail franchise pension risks

DfT says company knew the rules and has only itself to blame for three disqualificationsGood riddance to Stagecoach and Virgin Trains? Well, the train operating combo is certainly unloved after last year’s debacle on the East Coast mainline. But Stagecoach’s disqualification from three franchise competitions has nothing to do with that episode.This time the company may have a fair point: how can it bid for a rail franchise if it doesn’t know what long-term pension liabilities i