At the same time, IBM is offering staff the "opportunity" to switch into the company's money purchase scheme with the carrot of "enhanced company contribution rates". It is also making changes to existing pensions which will mean smaller inflation-linked increases. However, the company is guaranteeing that increases will be awarded annually for the next 15 years.

Comments: 6 May 2008: A high court judgement last Thursday could mean further delays with pensions lawyers Eversheds hoping for the government to make the Financial Assistance Scheme – set up to compensate members of collapsed company pensions – more inclusive. Imperial had a hybrid pension scheme combining elements of defined benefit and defined contribution arrangements. The scheme has assets worth around £120 million and requires around £190 million to meet future liabilities. While it was registered with the FAS in 2005, an ‘underpinning guarantee’ associated with the defined contribution element of the pensions means that most of these benefits do not qualify for compensation under the scheme. And although the money was pooled with defined benefits funds, these benefits were bottom of the pile when the firm went into liquidation and were not entitled to the same levels of protection as defined benefit pensions. ‘The significant finding is for members who thought that they had money purchase pots which normally are kept in tact during wind up,’ said Giles Orton at Eversheds Pension Trustees, representing the case.

Within Northern Ireland the company was known by the marketing name ''Richardsons Fertilisers''.

The company is not solvent having been in the hands of the liquidator since October/November 2002, and expects to make a payout to creditors (unsecured) of circa 40%.

However the owners (Irish Government 51% shareholding / Imperial Chemical Industries 49% shareholding) are NOT thought to be insolvent.

ITV closed its final-salary scheme to new members in July and could bring in the changes for existing members by April.