WOUND UP FINAL SALARY SCHEMES

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Monday, November 03, 2008

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* Registered with FAS

Name: Babs International

Location: Park Royal, London

Post-press kit supplier

Employees/Deferred/pensioners 29 employees

Windup:

Fund:

Comments: Joint administrators Nick Miller and Ian Robert of Kingston Smith were appointed by the Royal Bank of Scotland to the Park Royal, London based firm (1 February 2006).

Babs was majority owned by German-based Krug & Priester, which also owns finishing kit manufacturers Ideal and EBA, which Babs was sole UK agent for.

Name: BAA

Location: Airports group

Employees/Deferred/pensioners

Windup: Closing finals salary scheme to new entrants

Fund:

Comments: 13 Sept 2007 BAA was bought by Spanish construction group Ferrovial in 2006, said the current market volatility and the trend in private business towards cheaper retirement plans had persuaded the board to shut the plan to new staff. Scheme currently has £29m black hole.

*Name: BAC Limited Retirement Benefits Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Badger Catalytic Pension Scheme

Location: CI Tower, New Malden, Surrey

Employees/Deferred/pensioners employed 3 - 400 people

Windup: Washington Int. liquidated Badger Catalytic in December 2001

Fund:

Comments: The company was owned by Raytheon Engineers and Constructors, but was sold to a company named Washington International in late 2000, early 2001.

*Name: Bailey Dairy Products Pension & Life Assurance Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Balfron Group

Location: East Kilbride, Glasgow

Forklift plant

Employees/Deferred/pensioners 200

Windup: Washington Int. liquidated Badger Catalytic in December 2001

Fund: £5m

Comments: Bjorn Stiedl, 44, a Danish businessman, used some of the money to pay off his wife's mortgage and plundering more than £2 million from Balfron Group's pension fund. Mr Stiedl's company, Crisun, bought Balfron's pension fund for £450,000 in 1994. By the time Stiedl was caught, 200 former workers from Balfron Group were left with a £2.135 million hole in their £5 million pension fund. But, with interest, the losses have soared to approximately £4 million.

*Name: Ballast Nedam Construction Limited Retirement Benefits Scheme (formerly part of Ballast Needham Group based in Holland.) and Ballast Wiltshier Retirement Benefits Plan

Location: Head Office: Harmandsworth
Local Office: Fareham, Hants Locally 50+ employees Billingham, Cleveland

Employees/Deferred/pensioners 1000 employees

Windup: Administrators called in 17th October 2003

Fund:

Comments:
Last month salary received was September 2003, pension contributions were deducted from salary, but believe were not actually paid into the pension fund for that month!

Present administrators are Trustee Services Ltd (due to company administration) Prior to this the pension fund administrators were 'Mellon' prior to that 'Buck Consultants'

From a member of the pension scheme

In 1990 they bought Rush and Tompkins, a British construction company that had gone into administration. Rush and Tompkins had a final salary pension scheme and the retained staff, including myself, were made members of a "mirror image" scheme set up by Ballast Nedam Construction. This scheme was a closed scheme and no new members could join. All new staff after 1990 joined the existing Ballast Nedam pension scheme. The Dutch parent withdrew financial support from it's British subsidiary in October 2003 and this has made the British subsidiary go into receivership (Deloitte and Touche). According to press reports, about 1000 staff are affected from both pension schemes. We have received no information to date other than redundancy notices and that the pension scheme is to be wound up. The company had offices throughout the UK. My office was at Billingham in Teesside but my local MP is Lawrie Quinn, Labour MP for Scarborough.

Further information supplied on Ballast

Ballast plc was known as Ballast Wiltshier plc until October 2000, when it chanced its name.

Ballast plc reported in its published accounts a £50m pension deficit as at 31 December 2002 at the same time as again reporting significant losses on contracts. The company was only able to trade with substantial financial support from its Dutch parent, Ballast Nedam NV. NV pledged its continuing financial support, thus enabling the directors and auditors to sign off the 2002 accounts in mid 2003. Losses continued to pile up in 2003, however the Dutch MD of Ballast plc and Ballast Nedam Construction Holland wrote in September 2003 saying that the company had been refinanced and that NV would now pursue a strategy of supporting Ballast's return to profitability in 2004.

Following withdrawal of that support, Ballast plc (PFI & construction), Wiltshier Facilities Management Limited (facilities management) and Ballast Wiltshier Investments Limited (property and investments) went into Administration on 15 October 2003. Following a recent creditors' meeting, the Administration Order is still in force; however the next step will be to liquidate the companies. At the time of the Order, there were fewer than 1000 Ballast employees across some 17 offices in England, Wales and Scotland as a result of redundancy and disposal programmes.

Although a few employees were transferred as part of the disposal process, most were made redundant and a few remain on site to keep FM contracts going. The Administrators are continuing in their efforts to collect monies where they can, but typical of any construction business there were no assets to be sold other than the contracts in progress. There will therefore be little or no distribution to unsecured creditors, which includes the pension schemes. NV has also declined an invitation to contribute to the pension scheme assets.

There are three pension schemes, being the mirror image, the Ballast Nedam scheme and the Ballast Wiltshier (confusing!) scheme. The BW scheme is the least badly affected. The Independent Trustees have written to all pension scheme members, confirming the shortfall in funds and providing an indication of the process to be followed over the next months. Their initial estimate is that existing pensioners will continue to be provided with a pension, although this will not be index linked, while the rest of us are looking at receiving 17% on average of our expected future benefit.

This is very upsetting for employees who are relying on the scheme to provide for them when they retire. At a personal level, I have a substantial pension shortfall which I will need to make up, but the key point is this. If I had made specific investment, such as in the shares of a company or in an investment fund, I would have been warned of the risks and I would have accepted the possibility of incurring a loss. I never received any such warning with my occupational pension scheme, nor had it occurred to me that I would lose the benefit of the pension contributions I had made over the years.

The result of the liquidation of Ballast Wiltshier is that the pension members, are, or will be, only receiving 30% of their pension entitlement.

*Name: Ballinger Rawlings Retirement Savings Plan

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Bank of England

Location: London

Employees/Deferred/pensioners

Windup: Planned closure of final salary scheme

Fund:

Comments: July 2007: The bank plans to close its final salary pension scheme and raise the retirement age of new staff from 60 to 65.

*Name: Basford Group

Location:

Employees/Deferred/pensioners

Windup: June 1999

Fund:

Comments:

Name: BBC

Location:

Employees/Deferred/pensioners

Windup: Fund Closing to New Employees

Fund:

Comments: April 2006: The final salary scheme will close to new members from later this year and be replaced with a less generous career average scheme, while contributions will increase both for workers and the corporation.

*Name: BCL Pension Scheme

Location:

Employees/Deferred/pensioners

Windup: June 1999

Fund:

Comments:

*Name: Beldray Limited Pension & Life Assurance Scheme

Location:

Employees/Deferred/pensioners

Windup: June 1999

Fund:

Comments:

Name: Belling Cookers

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Bell Lines Limited Retirement and Death Benefit Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Ben Bennett Jr. Ltd 1974 Retirement Benefit Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Berkeley

Location:

Employees/Deferred/pensioners

Windup:

Fund: £13 m deficit

Comments: March 2006 Berkeley Berry has been close to going into administration for the past few months. Just two weeks ago, two businesses were sold off to raise £2.35m for working capital.

Although none of the scheme members qualify for more than the £25,000 PPF maximum payout, the Berkeley Berry scheme offers a 5pc annual inflation indexing that will be lost with the PPF.

*Name: Berkeley JCB Pension and Life Assurance Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Berner Pension Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Berryman Staff Pension Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Berwin & Berwin Limited Stanplan F

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: BETEC Retirement Benefits Plan

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Bibra Pension And Assurance Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: BICERI Ltd

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Bifurcated & Tubular Rivets Co

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Birmingham Mint

Location: Birmingham.

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Bishchof & Klein (UK) Ltd

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: BITL Forgings

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: BKL Fittings Senior Staff Pension Scheme

Location:

Employees/Deferred/pensioners Deferred pensioners will get nothing and approximately 300 people will be affected

Windup: Went into receivership in September 2001

Fund:

Comments: This company was a subsidiary of a Japanese Group, Benkan Corporation, but had previously been owned by GKN.

Name: Bligh Electrical

Location: Canterbury

Electrical contractor

Employees/Deferred/pensioners

Windup:

Fund:

Comments: Went into receivership. Part of company restarted and is now profitable

*Name: Blue Prince Mushrooms Limited Pension and Life Assurance Fund

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Blueprint Group (UK) Pension Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Blyth & Blyth

Location: Edinburgh

engineering firm

Employees/Deferred/pensioners 180 people with no pension and existing pensioners about 80 also will not be paid in full.

Windup: Jan 7 2003

Fund: £8m short

Comments: June 2004 The trustees are attempting to recoup cash for about 150 workers. It is understood that the pending lawsuit will focus on allegations of mismanagement of the fund. But it also believed that it will look to reverse a decision which allowed the three directors to take early retirement - a move which is alleged to have placed a further burden on the fund. All three directors in question were also trustees of the fund. A figure of a maximum of 60% of people's fund has been mentioned as the maximum that people will get. PS Independent Trustees were called in when it became apparent that the pension fund was £8m short of the £14m needed to meet its liabilities.

August 2004 The scheme’s former actuary, Buck Consultants (since bought over by Mellon Financial) and three former directors were issued with summonses in July. Two of the directors involved were trustees.

Part of the Punter Southall action relates to the way directors were able to take their pensions early at this sensitive time without the kind of reduction normally associated with a scheme in dire straits. One director retired in April and two others in May.

It has now emerged that the pensions age was raised to from 65 to 75 from April 1. The scale of the crisis only became clear when the fund was revalued on wind-up, and 65 was again used as the appropriate age as that was when virtually all pension rights, apart from the last two months, had been accrued.

September 2007 THE early retirement of two directors contributed to a gaping hole in a Scottish engineering company's pension fund, a tribunal has been told.

The deficit in the final salary scheme grew by nearly £1m to £6m when a number of senior bosses left Edinburgh firm Blyth & Blyth.

Name: Bloxwich Engineering

Location: Walsall

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Boneham & Turner Ltd Retirement and Death Benefit Plan

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Boughton Group Pension Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Boulton Brothers (Moddershall) Limited 1974 Pension Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Bowers of Bolton Ltd Pension Plan

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Box-Carton Limited Retirement Benefits Plan

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: BP Forties Field

Location:

Employees/Deferred/pensioners

Windup: March 2003

Fund:

Comments: Sold to American company Apache, pensions wound up. TUPE also involved

*Name: Bradford Boxmakers Staff Pension Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Bradstock Group

Location: London

Employees/Deferred/pensioners 675+ people affected.

Windup: 10th of May 2002 (in wind up)

Fund:

Comments: The scheme entered wind up as a result of the High Court Compromise settlement. Wind up means a loss of 90% of benefits , The compromise did not work and the company went into liquidation at the end of 2003. Nicholas Bryce-Smith of the Bradstock Group got his pension at the end of March 2002 and the Fund was put into wind up in May 2002 !

Name: Brannoc Fibre

Location: Braunton, Devon

Employees/Deferred/pensioners 135

Windup:

Fund:

Comments:

*Name: Brian Colquhoun Staff Pension Scheme, The

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Brico Engineering (now part of Federal Mogul)

Location: Holbrook Lane Coventry

Employees/Deferred/pensioners 360 employees

Windup:

Fund:

Comments: See also Federal Mogul and Turner & Newell. Staff have been asked to keep paying contributions into a bank account until it is decided what will happen.

Name: Bridgeport Machines

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments: Applied for the PPF

Name: British Airways

Location:

Employees/Deferred/pensioners 34,500 members

Windup: Solvent Company - Change to Pension Scheme

Fund:

Comments: Retirement age raised from 55 to 65 (60 for pilots), injecting £500m lump sum into scheme

Nov 2006: British Airways plans to eliminate its £2.1bn pension deficit within 10 years by injecting £950m into its retirement scheme, nearly double the previous offer.

Nov 2006: British Airways has made its second set of concessions in two days in a bid to tackle its £2.1bn pension deficit but unions are still refusing to sign up to a deal. After a lengthy meeting, the airline bowed to union pressure and agreed to lower its proposed normal retirement age for all staff, including pilots and cabin crew, from 65 to 60.

In return for this concession, the airline said employees would have to increase their pension contributions. For the first five years, ground staff who choose to retire at 60 will have to raise contributions from 5.25pc to 10pc of pensionable pay, while air crew will have to put in 11.25pc, up from 6.5pc. After five years, rates harmonise at 10pc. BA has also agreed to raise its annual contributions from the £250m announced on Wednesday to £272m.

Jan 2007: BA has agreed to make a one-off contribution of 800 million pounds into the pension fund subject to acceptance of benefit changes.

*Name: British Approvals Board for Telecommunications Pension and Life Assurance Scheme

Location:

Employees/Deferred/pensioners

Windup: April 2002

Fund:

Comments:

*Name: British Building and Engineering Appliances PLC Pension Scheme 1992

Location:

Employees/Deferred/pensioners

Windup: April 2002

Fund:

Comments:

*Name: British Federal

Location: Dudley

Employees/Deferred/pensioners

Windup: April 2002

Fund:

Comments:

Name: British Gas

Location:

Employees/Deferred/pensioners

Windup: Still Active

Fund: CLOSED TO NEW STAFF

Comments:

Name: British United Shoe Machinery (BUSM)

Location: Leicester

572 Employees and Deferred/371 pensioners

Windup: December 2000

Fund:

Comments: BUSM was bought by venture capitalists in 1995. It demerged in 1997. It went into receivership with substantial debts in October 2000.

The surviving company was sold and there was a successful MBO. 124 of the deferred pensioners are over 55, many taken on as apprentices aged 16. They expect 10% or less of their pension but have not yet had any official notification.

Windup started by Law Debenture, December 2000, completion probably August 2004.

Name: Britten Norman

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: BRK Pension Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Broderick Structures

Location: Head Office Woking branches Glasgow,Manchester,Newcastle

Employees/76 Deferred/10 pensioners

Windup: Scheme closed to accruals June 2002. Company into receivership 5/12/2002

Fund:

Comments:

Independent Trustees (Jardine Lloyd Thompson) appointed March 2003

*Name: Bronte Foods Ltd Retirement Benefits Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Brooke Industrial Holdings Limited Group Pension Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: BSK Aluminium Limited Retirement Benefit Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: BT

Location:

Employees/Deferred/pensioners 65,000 staff

Windup: final salary scheme closed to new members 2001

Fund: 35bn

Comments: October 2008 Reviewing final salary scheme

Name: Buko Retirement Benefits Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Bulgin Plc Group Pension

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Burgess (Abingdon) Pension Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

*Name: Burton Industrial Holdings Ltd Group Pension Plan

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Bus Engineering & Q Drive

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

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The information on this website has been supplied by members of the various final salary schemes listed and others. Accuracy is important to us, but errors are inevitable as the subject itself is an extremely emotive one so the information on this site cannot be guaranteed. We hope that we have reflected the current situation in as an unbiased way as possible.