Among the worst affected are 260 workers who have seen their pensions drop by more than £2,000 a year, from projected figures of about £3,500 to just £1,370. Others face the daunting prospect of postponing their retirement until they 70 years old.

Carpets International - which produced carpets under the Kosset, Abingdon, Wilton Royale and Weavercraft brands - went into voluntary receivership in August 2003 after 22 years of producing carpets from its base in Newbridge, and the pension scheme was closed the following month.

Macquarie said Airwave staff that are members of the broader O2 pension plan would continue to participate in the scheme for six months during a transition period. It said that all accrued benefits would be fully protected in the future.

Over the next six months, Macquarie will establish a defined contribution pension plan with its own contributions pegged at no less than that O2 provided.

The members of the scheme consist of about 560 pensioners, 2,640 deferred members and 1,500 employees.It is estimated that members could lose up to 65%. 

Kroll have promised to keep the scheme open at least until June so that if the fund does fold members can be compensated by the Pension Protection Scheme.

10 June 2005 BESTrustees, the independent trustees of the Allders pension fund, must decide whether to wind up the pension scheme, which would crystallise its £58 million liability. The trustees met the scheme’s lawyers and actuaries yesterday to assess their options.

Workers who retire before 65 already face pension losses of 30% and have been kept totally in the dark over the new plans. Alstom has an estimated £435m shortfall in its UK fund, which has more than 20,000 members.

September 2007 The windup is STILL in process with Eversheds Pension Trustees and is not expected to be finalised for at least another year.

September 2008 accepted by PPF

24 June 2005 MPs have accused APW Electronics' USA-based parent company, which sparked the crisis after it emerged that there was a £55m black hole in the pension fund, of "unethical behaviour".

In March 2000, the fund's liabilities exceeded its assets by £8 million. At about the same time, a triennial actuarial valuation was carried out, which recommended that the company inject some £2 million annually into the scheme over a five-year period to cover the shortfall. That was accepted by both the company's management and the trustees of the pension scheme. However, Caparo did not make the first instalment and, in April 2002, it announced the freezing of its final salary pension scheme. That followed its decision to close the scheme to new employees in 2000.

Stakeholders who had yet to draw a pension from the scheme—some 1,200 people—would in future not receive an income based on their years of service and final salary; instead, it would be based on what was left in the fund after the entitlements of existing pensioners had been secured. The 1,800 pensioners who were already in receipt of their pension  had their annual increase immediately stopped. 

Comments: Automotive Products Pension Scheme 1995, with 1951 members, principally from Automotive Products Group, was transferred to the PPF. Members of two more schemes by the same name were also rescued, with 456 mainly from AP Hydraulics and 59 from APTEC technologies.

Comments: April 2010 Aviva claim that the final salary scheme soaks up two thirds of its total pension contributions. Only one third of its employees that have joined its occupational pensions are members of the final salary scheme. Transferring those employees across to the defined contribution scheme will end the perceived unfairness. The Aviva final salary scheme has not been open to new members for nine years. Aviva’s final salary and defined contribution schemes have a combined deficit of £3 billion. The insurance company is set to start a consultation with its employees about the planned closure of the final salary scheme in the summer. Unions have said that the closure is a stab in the back, but Aviva claim that they are just doing the responsible thing. Aviva says that it will be able to protect the contributions that have been made to date. May 2010

Aviva has agreed to contribute £365 million to help bridge the deficit in its final salary pension scheme as worldwide sales fall 1.2% in its first quarter results. Aviva has agreed with the trustees of its final salary pension scheme, which has around 7,000 members, that it will contribute £365 million to bridge the reported £3 billion shortfall.