WOUND UP FINAL SALARY SCHEMES

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Saturday, September 27, 2008

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Name: Cable and Wireless

Location:

Employees/Deferred/pensioners

Windup: Final salary scheme now closed to new members.

Fund:

Comments: September 2008 The Cable & Wireless (C&W) pension scheme has struck a deal with the insurance firm the Pru to guarantee the pension payments of its 5,000 pensioners. C&W has done this by buying a £1 billion annuity from the Prudential, the largest such deal yet seen. It covers the pensioners of the C&W Superannuation Fund, a UK final salary scheme now closed to new members.

Name: Caithness Glass

Location: Wick Perth

Employees/Deferred/pensioners Approx 100 people have lost their pensions.

Windup: Pension scheme closed to new members on 5th April 2001 and went into wind up on 9th May 2002

Fund: Called in receivers 19/02/04

Comments: The final salary pension scheme is now closed.

Name: Caparo

Location:

Employees/Deferred/pensioners 250 employees

Windup:

Fund:

Comments: March 2006. It is estimated the FAS would compensate only around 120 of the 3,000 members of Armstrong's scheme, 250 of whom are current employees.

*Name: Capper Rataud

Location:

Employees/Deferred/pensioners There are currently approximately 60 people who are still employed by the new company who have lost their pensions and there are more who have left who had deferred pensions who will also lose out.

Windup: Pension scheme closed to new members on 5th April 2001 and went into wind up on 9th May 2002

Fund:

Comments: The company went into liquidation in 2001. The company was sold for a nominal sum to Emery Colours Ltd who are a subsidiary of Tennents International. The employees were transferred to the new company on the same contracts but the new company would not take over the pension liability.

On March 3rd 2004 the new company went into liquidation and the work force was given 30 minutes notice to leave the factory. This is the same work force who have already been robbed of their pensions.

Because they started to contribute to the new pension scheme on March 1st 2002 and lost their jobs on March 3rd 2004 they cannot get their contributions refunded since they missed the 2 year dead line by 2 DAYS.

Name: Carborundum Abrasives

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Carpets of Worth

Location: Stourport, Kidderminster, Stroud.

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Carpets International

Location: head office Bradford with sites in Newbridge, Gwent, Hull, Hartlepool, Donaghadee and Killinchy Northern Ireland

550 Employees/800 Deferred/520 pensioners

Windup: Receivership October 2003

Fund:

Comments: Former workers have been told to expect only 25% of their pensions when they retire.

And anyone who was a member of the company pension scheme for more than two years will not be refunded any of the money they invested.

April 2 2005 - Now former employees have received official confirmation from the pension scheme trustees, Walker Morris Trustees, that the scheme does not have enough funds to provide full benefits for all its members. Anyone who was receiving a pension before May 12, 2004 will continue to receive it, but without any future increases.

Those who were not in receipt of a pension before May 2004 will only receive an estimated 25% of what was promised.

Name: CCA Stationery Group Pension Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Cenargo World

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Central & Cecil Housing Trust

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Chaffoteaux & Maury

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Charles W Taylor & Sons Ltd

Location: North Eastern Foundry, Templetown, South Shields, Tyne & Wear.NE33 5SE

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Chart Heat Exchangers

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Chart Marston Pension Scheme

Location: Wolverhampton

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Cheney

Location: Birmingham

Furniture Manufacturer

Employees/Deferred/pensioners 1850 employees

Windup:

Fund: £2.9m

Comments: Ken Sykes a business consultant and others siphoned off £2.7 million from the £2.9 million pension scheme of Cheney. This “callous and ruthlessly executed fraud” — the description of the Serious Fraud Office — took place under the eyes of the Occupational Pensions Regulatory Authority (Opra), the watchdog set up to curb such activities.

Opra was warned in 1999 that the Cheney scheme would be stripped by individuals who had gained control of the company. But by the time the body acted — a year later — the money had gone, as a Department for Work and Pensions report revealed this week. Kevin Sykes even used £55,000 of the money to pay off his bookmaker’s account.

Sykes and his accomplices are now in prison.

Name: Christie Tyler

Location:

Furniture Manufacturer

Employees/Deferred/pensioners 1850 employees

Windup:

Fund: Deficit of £8.6m at end of 2003

Comments: 5 June 2004 Mike Rollings, the administrative receiver at Ernst & Young, refused to comment on how many people were in the defined benefit scheme but the company employed at least 3,000 people in 1985 when it was bought by Hillsdown Holdings.

Name: Christys

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Ciba Speciality Chemicals

Location: Clayton, East Manchester

Employees/Deferred/pensioners 316

Windup:

Fund:

Comments: During the 90-day consultation period between union representatives and staff at the plant, it transpired that radical changes made to the company's pensions scheme 14 months ago will leave some staff facing actuarial reductions of up to 44 per cent.

The changes, which were introduced in November 2003, asked for increased contributions from staff and said the company would resume payments for the first time in seven years.

Name: Citex Bucknall Austin

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Clarion Group Retirement and Dependents' Benefit Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments: See Balfron Group

Name: Clark Chapman

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Cleansing Service Group Retirement Benefits Scheme

Location:

Employees/Deferred/pensioners

Windup: Commenced 5 June 2003. No firm date for completion of the wind up has been given,

Fund:

Comments: The company took the decision in September 2002 to cease making contributions to the Scheme from the end of 2002 and on 5 June 2003 the Scheme Trustees (who were also the Company Directors) commenced the wind up of the Scheme.

Name: Clydesdale Bank

Location:

Employees/Deferred/pensioners 3,500 employees

Windup: Company still solvent

Fund:

Comments: Jan 2006 Clydesdale Bank is to shut its final salary pension scheme to existing members after proposing to move about 3500 scheme members to an inferior "career average" scheme from April 1 2006.
National Australia Bank, which owns the Clydesdale and Yorkshire Bank, is also making a one-off contribution of £100m across its UK pension schemes in an attempt to cut the soar away £426m deficit. NAB's UK business made profits of £290m last year.

March 2006 Members voted on a 'career average' pension to replace the final salary one from 1 April 2006. (Well over a third of those affected did not bother to vote).

Name: CN Group

Location: Barrow

Newspaper Publishers

Employees/Deferred/pensioners

Windup: Still Solvent-closure of final salary scheme

Fund:

Comments: May 2007: The CN Group is proposing to close its pension scheme in favour of a defined contribution scheme.

Name: Coal Schemes

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Coalite

Location: Bolsover

Employees/Deferred/pensioners

Windup: went into administration in 2003

Fund:

Comments: Anglo United Ltd which owned Coalite Products Ltd, of Buttermilk Lane, froze its pension scheme before the company's closure. Bosses at the Anglo United Pension Scheme told the company's ex-employees that their retirement funds will be reduced by 50 per cent from May 29 2005 due to insurance costs and a shortfall in company assets.

Name: Colour Processing Laboratories Pension Scheme.

Location: Edenbridge in Kent plus several branches throughout England

Employees 70/Deferred 196/pensioners 60

Windup: November 2001

Fund: £9.5 million in September 2002.

Comments:

Winding up procedures commenced November 2001 when the company (latterly Photobition CPL) went into liquidation.

Name: Coloroll

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Commercial Intertech

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Compagnie General Maritime

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: The Computervision Retirement & Death Benefits Plan

Location:

Employees/Deferred/pensioners

Windup: from 23 February 1999

Fund:

Comments: Company was taken over by Parametric Technology (UK) Ltd. PTL placed transferring employees into their own scheme and withdrew funding for Computervision scheme in October/November 1998.

Trustees (following recommendation of professional advisers) decided to commence procedures to wind-up the scheme with effect from 23 February 1999.

As of now (end of September 2008) deferred members who have not yet reached retirement age still do not know what pension they can expect to receive, but latest information suggests it will be around 30-40% of what was originally promised by the scheme before winding-up.

Name: Concurrent Computer Corporation

Location:

Employees/Deferred/pensioners 400 people approx affected

Windup: effective from 11 January 2006

Fund:

Comments: The trustee will apply for entry to the PPF but the company must undergo a further insolvency event.

Name: Cooperative Group

Location: Manchester based

3000 outlets nationwide

Employees/Deferred/pensioners 22,000 members 70,000 employees

Windup: 2006

Fund: Company still trading

Comments: The Co-op Group will allow current members to build up "defined benefit" pensions, whereby members are guaranteed a specific pension income. This will be calculated on an average salary basis, less generous than the final-salary scheme. Ex-employees and Co-op pensioners will not be affected. The Co-op will contribute 16% of employees' pensionable earnings to the replacement scheme, with employees adding a further 6%.

The unlisted company, founded in 1840, said in early January it proposed to move staff from its final-salary schemes to a career-average salary, angering unions.

Name: Cooperheat (UK) Ltd Employee Benefit Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Corsadi (Akzo Nobel (CPS))

Location: Spondon, Derbyshire

Employees/Deferred/pensioners up to 1,000

Windup:

Fund:

Comments: Acordis and Corsadi (formally Courtaulds) are members of Akzo Nobel (CPS) pension scheme.
The CPS stand for Courtaulds pension Scheme. The Corsadi element consist of 4 business units of Acordis that have been
placed into a holding company although still trading under the Acordis name, it is the Corsadi element who have been told that they can no longer participate in the Akzo Nobel (CPS) scheme because Akzo are saying they have been sold. Although there has been no change in the share holdings, the same share holders in Acordis are the same in Corsadi (basically sold themselves
to themselves?)
There is NO suggestion whatsoever that the scheme is to be wound up and at this time the Union (TGWU) along with Corsadi management are trying to change the minds of Akzo regarding removal from the scheme, they have until the 1st August 04 before it is implemented.

When Akzo Nobel acquired Courtaulds in 1998, it stressed that the existing scheme would be supported for a further 10 years.

The company was demerged into a separate wholly owned business called Acordis in 1999. This was subsequently sold to CVC Capital Partners, which holds 64 per cent, with Akzo Nobel retaining 21 per cent and the Acordis senior management owning 15 per cent.

The scheme members remained in the Akzo Nobel (CPS) pension scheme until June 4 2003, when the workforce was told that four units were to be placed into a holding company called Corsadi. Ian Hawley, a Transport & General Workers Union works convener and a member of the scheme, said: "Akzo says the cost of meeting its pensions obligations is too expensive, but this would only be true if the scheme were to be wound up. The scheme is in surplus and the company has taken a pensions holiday [made no contributions] for almost 14 years."

Many of those affected work at Corsadi-owned Acetate Products in Spondon and Little Heath, near Coventry.

Name: Corus-British Steel Pension Scheme

Location:

Steel Makers

Employees 23,000/Deferred 50,000/pensioners 100,000

Windup: Still solvent - May close scheme to new employees

Fund:

Comments: Nov 2006: Brazilian steelmaker Cia Siderurgica Nacional (CSN) has begun talks with the pension trustees of Corus as it puts the finishing touches to a possible bid for its Anglo-Dutch rival.

Feb 2006: Workers in the Corus scheme will have to pay in more and the option of retiring five years early after 35 years' service with the company will be removed - though not for those with existing entitlements.

Employees' contributions will go up from 5% to 6%. Corus believes the changes will cut its pension costs by 20%. The £8bn scheme is in surplus but the company said it is taking this action now to 'counter long-term challenges'.

February 2006: The company has agreed to end its pensions contributions holiday from April, while employee contributions will increase from five per cent of salary to six per cent.

The final salary scheme will be retained, although a working group has been set up to review arrangements for new entrants over the next year.

Name: Courts

Location:

Employees/Deferred/pensioners 360 members

Windup:

Fund:

Comments: HR Trustees have been appointed to run the fund by KPMG. The scheme is understood to have a deficit of at least £14m, the vast majority of which is unsecured. It is unclear whether the Courts pension fund will be able to make a claim from the pension protection fund to pay compensation to individuals left without a full pension following a company collapse. HOWARD COHEN, a former director of Courts, transferred £3.9m out of the company’s pension fund and into a personal scheme just eight months before the furniture retailer collapsed into administration. The £3.9m was 15% of the entire fund.

The Cohen family owned nearly 50% of Courts, a retailing dynasty founded in 1945 when Henry, Alfred and Edwin Cohen took control of the first store in Canterbury. The Cohen stake, which is now worthless, was once worth £400m.

Name: Craig & Derricott

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Cray Electronics

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Crest Packaging

Location: Rainham Kent

Employees/Deferred/pensioners Some 300 deferred pensioners received a small amount to put into their stakeholder pensions in January 2002.

Windup: April 2001. Insolvent on March 27th 2003

Fund:

Comments:

Name: J R Crompton Ltd

Location: Sunlight House, Manchester

Employees/Deferred/pensioners

Windup: Date of Receivership/Effective date of transfer to PPF: Feb 2006

Fund:

Comments:

Name: Crosrol

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Croydex Lionheart Group

Location: Andover

Bathroom Equipment

Employees/Deferred/pensioners-975 people losing pension

Windup:

Fund:

Comments: April 2005-ANDOVER Labour Party has written to pensions minister Malcolm Wicks on behalf of current Croydex employees who may now receive very little of their pension. Members are being excluded from the FAS because Croydex is still solvent.

Name: Robert Cubitt Holdings

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Cumberland Building Society

Location:

Employees/Deferred/pensioners

Windup: Still Active

Fund: CLOSED TO NEW STAFF

Comments:

Name: Cuthbert Health Family Security Plan

Location:

Employees/Deferred/pensioners

Windup: The Company went into liquidation on the 19th August 2002. In wind-up.

Fund: Deferred pensioner lost most of £400k fund. Zero pension for deferred pensioners.

Comments: Independent Trustee is Graham Pitcher at Berry Birch Noble. First notification that anything was wrong was 23rd December 2002.

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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.