FINAL SALARY SCHEMES STATUS

H

Last Updated 

Friday, February 12, 2010

 

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Name: H. H. Robertson Pension Trust Ltd
Location: Ellesmere Port (started its life as the Wolverhampton Iron Works more than 90 years ago)
Employees/Deferred/pensioners
Windup:
Fund: March 1998
Comments: Robertson Ceco Inc. of the United States and the 1W Group, took over on 1 January 1994. On 23 January 1997, it was announced that H. H. Robertson had sold to British Steel the intellectual property rights and plant associated with its only profitable product. A In 1989, the then owners entered into a pension holiday. At that time, the fund had a surplus of £4.4 million, but by October 1992 there was a deficit of £2.4 million. However, it was not until Christmas eve 1991 that the consulting actuaries, Sedgwick Noble Lowndes, advised the managing director, Mr. Ian Wood, of the problem. The pension holiday continued until April 1992. The firm has transferred all remaining assets, including land and buildings, to another company called Ledge 313 Ltd., which was incorporated in Scotland on 17 December 1996.

 

Name: H&H
Location:
Auction mart group 
Employees/Deferred/pensioners
Windup: 
Fund: 
Comments:   H&H has closed its scheme to existing employees as well as new starters.

 

Name: Hammond Heat Treatment
Location: Darlaston, Walsall
Employees/Deferred/pensioners - At least 70 people
Windup: wound up Summer 2003
Fund:
Comments:

 

Name: H J Berry
Location: Preston
Employees/Deferred/pensioners 85 staff
Windup: Likely liquidation February 2010
Fund:
Comments: 12 February 2010: The Preston-based chair manufacturer’s directors sent a letter to its 85 staff last Monday telling them the company’s financial position was untenable, with reports today suggesting that the final straw was due to a "large hole" in the company's £9m pension fund. The main debtor is understood to be HM Revenue and Customs.

 

Name: Harbury Group
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Harland and Woolff
Location:
Shipbuilders
Employees/Deferred/pensioners
Windup: Still solvent
Fund:
Comments: Harland & Wolff is examining ways of mitigating their future pension liability.

 

Name: Harrods
Location:
Employees/Deferred/pensioners 1,500 members
Windup: Still solvent scheme propose to close scheme 1 April 2006
Fund: £111m deficit
Comments: Feb 2006: Harrods announced its proposals to staff for a shift to a cheaper money purchase scheme and a cut in company contributions by almost a half. Unions said the move would result in steep cuts in pension payouts. There are threats of strikes.

 

Name: Havana International Bank Pension Scheme
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments: 

 

Name: Hawtal Whiting
Location: Phoenix House, Christopher Martin Road, Basildon HQ also Leamington Spa and the USA
200 Employees/594 Deferred/117 pensioners
Windup: 1st. March 2002
Fund: Deficit £6,168,000 as at 30th September 2001. The fund is approximately 75% under funded and in the process of being wound up.
Comments:

Insolvent 20th October 2000, It was bought 2 days later by a company called Wagon PLC, in Warwick. Wagon did not take on the pension fund. 

 

Name: HBOS Bank Pension Scheme
Location:
Banking
Employees/Deferred/pensioners
Windup: Closed to new staff at the end of 2002.
Fund: 
Comments: 

 

Name: Heath Lambert
Location:
Insurance Broker
Employees/Deferred/pensioners
Windup:
Fund: £210 million shortfall in three schemes
Comments: Applied to Pension Protection Fund and the first to be accepted. Heath Lambert had hoped to float in the autumn of 2002 in a bid to pay down borrowings and inject £25m into the pension funds but the flotation was cancelled as markets fell, leaving it with crippling debt. The company held talks with rivals including Marsh about a possible takeover but was unable to secure a deal. Heath Lambert's schemes, which are some of the most generous in the country, are currently parked in a holding company, HLF, that is being administered by Ernst & Young.

 

Name: Henderson-Bostwick
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:
 

 

Name: Henlys Pensions
Location:
Employees/2000 Deferred approx/1800 pensioners approx
Windup: from November 2004
Fund:
Comments: The pensioners money is now frozen at the rate they are being paid now. The deferred pensions may get 30 to 35% in about 5 years time. Henlys have restructured and based all their business in north America. The trustees went to the high court to do a deal without informing any deferred pensioners, pensioners or trade unions and came back with a done deal that no one can appeal against. The company is still solvent.

 

Name: Henry Tyres & Co
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Hewitt Group Pension Scheme
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: HH Robertson UK
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Hibernia Foods Pension Scheme (part of Sarah Lee)
Location:
Employees/Deferred/pensioners 550 employees/656 members
Windup: Firm went into administration Oct 2003
Fund: 2002 £5m
Comments: Bridlington-based Hibernia Foods, which made Sara Lee frozen desserts, shut Jan 2004 making 550 people redundant.

Howard Ripley, of pension trustees Eversheds Ltd, said: "We expect the employees to receive half their pension contributions on the basis of the latest figures."

Hibernia was once Bridlington's largest private employer, with more than 2,000 staff across the UK.

The firm went into administration in October 2003 and attempts to find a buyer for the East Yorkshire plant failed, although Hibernia's operations elsewhere in the UK were sold as a going concern.

In Wednesday 29 Dec 2004 public notices, ex-employees are urged to contact the trustees of the pension scheme through Stephen Sadler, Westgate House, 52, Westgate, Chichester, West Sussex, PO19 3HF.

 

Name: Highfield Timber Products
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Home Decor Pension Scheme
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

 

 

Name: Horizon Exploration
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Howard Brothers (engravers)
Location:
Comments:

But many have been closing to new members as costs escalate owing to longevity. HSBC closed its scheme to new members in 1996.

 

Name: HSBC
Location: Bank 
Employees/Deferred/pensioners
Windup: still running
Fund: Propose change to finals salary scheme

Comments: June 2008 HSBC is proposing that a third of HSBC's UK workforce of 58,000 which are on the final salary scheme should be asked to pay a contribution from their salary. HSBC is also proposing to raise its normal retirement age from 60 to 65.

Under the plans, employees could still retire at 60 but the amount of final salary paid would be reduced owing to it being taken before the age of 65. This would apply to any pension built up after April 2010.

 

Staff were told about the proposals on 10 June, and there will be consultation on the plans for two months from 20 June.

One of the options is for those on the final salary scheme to be asked to contribute to the scheme. This would be phased in over four years, starting with 2% of their pensionable salary from January 2009 and rising to 5% in January 2012.

 

HSBC closed its scheme to new members in 1996.

 

Name: Hyder Consulting
Location:
Employees/Deferred/pensioners
Windup: still running
Fund: £44m deficit on £100m scheme
Comments: Offering staff cash incentives to leave final salary scheme. Hyder Consulting offered one former employee a tax-free cash payment of £23,892 on top of a transfer value of £79,641 to give up his pension guarantees.

 

Name: Hydra Tools International
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Hydron 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.