FINAL SALARY SCHEMES STATUS

F

Last Updated 

Friday, November 13, 2009

 

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Name: Fabric Care Research Association
Location:
Employees/Deferred/pensioners 
Windup:
Fund:
Comments:

 

Name: Family Service Units (FSU)
Location:
Childcare charity
Employees/Deferred/pensioners 400 staff
Windup:
Fund:
Comments: Many of the charity's staff were members of local authority pension schemes and the organisation had been hit with a demand for an estimated £5m to meet scheme deficits. The charity's assets had been run down to £4m by having to subsidise service contracts.

 

Name: Farrel Ltd Retirement Benefits Scheme
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Federal Mogul/(Turner & Newell)
Location:  Across UK 
Motor Engineering
Employees/Deferred/pensioners Could be more than 40,000
Windup: Chapter 11 in US
Fund: in total it has been estimated as much as £875m
Comments:.   Federal-Mogul is a US Michigan based company, with several locations in UK.

Almost 20,000 current and former workers at car parts maker Federal Mogul in the UK could lose nearly half their retirement income as their pension fund faces winding-up with a shortfall of close to £875m.

A further 20,000 pensioners of T&N, Federal Mogul's British subsidiary, would have their benefits frozen.

Since 2001 the firm has been in administration and in July 2004 Kroll, administrators of the British arm of Federal Mogul, got permission in the high court to block any further contributions to the scheme by the company's operations in the UK.

 

July 2004 Federal Mogul representatives say that the ongoing pension fund deficit is £300m, the winding up deficit is estimated to be £875m but that the fund is worth £998m and that the company has already offered to make a payment of £65m on top of its annual pension contributions of £7m i.e. to continue its contribution rate of 11.4 per cent.

 

The independent trustee has turned down the company's initial offer, saying that the company will need to make additional contributions of £29m per annum for the next eight years and maintain its current maintenance contribution.

 

Name: Felix Schoeller (Glory Mill) Pension Scheme
Location: Wooburn Green near High Wycombe
Employees/306 Deferred/88 pensioners
Windup:
Fund:
Comments: Profitable company still trading. Wound up pension scheme with losses to members. Glory Mill was taken over by the profitable German firm Felix Schoeller in 2002 - but the company wants to rid itself of the expensive final salary pension scheme. The Glory Mill pension fund, which is on the verge of winding up, has a significant deficit, says Independent Trustee Services (ITS), which is overseeing the pension assets. ITS has held out on the wind-up, waiting for the Government to change pension law. 
FSL went into members' voluntary liquidation and the directors swore a declaration of solvency in 2000 (Assets £40M). The pension scheme was then renamed and placed under a subsidiary FSIL which had been in operation since -1998. In 2002 the company ceased making contributions to the pension scheme and also put FSIL into members voluntary liquidation again swearing a declaration of solvency (Assets £3M).

 

Name: Ferodo (Friction Dynamics)
Location: Caernarvon
Brake Linings
Employees/Deferred/pensioners 300 approx
Windup:
Fund:
Comments: Could lose 70% or more of their entitlement as are linked with Federal Mogul owners of Turner and Newall whom they are claiming against. Federal Mogul owned Ferodo until 1998 when it was sold. 

 

Name: Ferraris Piston Service
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: F H Burgess
Location: 
Agricultural Suppliers
Employees/Deferred/pensioners
Windup:
Fund:
Comments: Company still solvent

 

Name: Fiege Merlin
Location:
a supplier of vans and tractors
Employees/Deferred/pensioners 127 members
Windup:
Fund: PPF FUND MEMBER
Comments: 

 

Name: Finelist
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Firmin & Sons
Location: Birmingham
Buttons and Badge Maker
Employees/Deferred/pensioners 70 employees
Windup: (closed to new members 2000)
Fund: £2,000 deficit 
Comments: April 2006: Firmins has been put into administration Moore Stephens is the administrator. Firmin’s sales rose by 16 per cent to £3.4 million in 2005 and the company recently won a share of a five-year contract to supply the Ministry of Defence with buttons and badges. But a long delay in finalising the contract hit the company’s cashflow.

Moore Stephens has kept Birmingham’s oldest company open in the hope of finding a “white knight” purchaser, but the administrator has admitted that the final-salary pension scheme will probably have to be wound up. The administrator has already cut 11 of the company’s 70 jobs. 

 

Name: FJ Warren Final Salary Scheme
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Flextronics International
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Focus DIY
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Foden
Location: Sandbach, Cheshire
Employees/Deferred/pensioners Approx 2500 people affected
Windup: 1981
Fund: Company went into liquidation in 1981, leaving the pension scheme some £1M underfunded. The pension was frozen from that date.
Comments:

 

Name: Forgemasters Engineering
Location: Sheffield
Employees/Deferred/pensioners 600
Windup: 
Fund: £180m with deficit of £60m
Comments: The company, which has been up for sale since its parent group went into administration almost two years ago, is to be bought out by a team led by its managing director, Dr Graham Honeyman. As part of the deal is to take a stake in the ongoing company, and will then apply for admission into the PPF. The company has been given an indication that its application is likely to be accepted. SFE is the largest private employer in Sheffield, and remains profitable, making operating profits of £2.5m last year. However, its parent company had struggled to sell the business due to its pension liabilities. If a deal could not have been reached with the PPF, the company would have been forced into administration, with the pension fund and creditors likely to have been left in a worse situation. Jobs would also have been lost.

 

Name: Fredk H Burgess
Location: Stafford
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Freshbake Foods Pension Scheme
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Friends Provident
Location:
Employees/Deferred/pensioners
Windup:
Fund: Company still solvent
Comments: British insurer Friends Provident plans to close its defined-benefit pension scheme to new staff from July 2007 and will raise the retirement age.

 

 

Name: FSA (Financial Services Authority)
Location: London
Employees/Deferred/pensioners
Windup:
Fund:
Comments: August 2009: The FSA has awarded around a fifth of its workforce a 10pc pay rise to compensate them for the regulator's decision to close its final salary scheme to existing members. A total of 495 staff were told last month they will no longer be able to contribute to the scheme and will be moved into a less generous DC scheme, which already has over 2,000 FSA members. The decision has been made to help save the FSA money after it spent £347m this year, but raised only £324m from fees and other revenues. Its expenditure included a £5.8m payment as part of plans to make good a £88.9m deficit in the pension fund. An FSA spokesman says: "Following a consultation, a decision was made to close this scheme in March 2010 and affected staff will move to a money purchase pension scheme".

 

Name: Fujitsu
Location:
Computer services
Employees 12,500 /Deferred/pensioners 4,000 final salary scheme members
Windup:
Fund: Company still solvent
Comments: May 2009 The company closed the final salary scheme to new joiners in 2000, but now wants to shut the scheme to existing staff as well.

 

Name: FW Russell Pension Scheme
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.