FINAL SALARY SCHEMES STATUS

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Last Updated 

Wednesday, December 02, 2009

 

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Name: CJ Lang & Son
Location: 
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Landys & Gyr
Location: Croydon
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Lehman Brothers
Location: London
Employees /Deferred /pensioners 2,220 members plus 180 pensioners
Windup: 
Fund:

Comments: September 2008 Members of the pension scheme, which closed to new joiners in 1999, must now rely on the Government's Pension Protection Fund (PPF) to provide their pensions. Unless they have already retired, the PPF will cap their annual pension at just over £27,000. Mr Robertson said that many of Lehman's high earning employees would be expecting pensions far in excess of that figure. A £100m black hole has emerged in the UK staff pension fund. The size of the shortfall surprised analysts. Administrators PricewaterhouseCoopers confirmed the £100m deficit, which compares with total assets in the fund of just £180m. Experts warned there could be only 50p or less in the pot for every £1 of pension owed to staff.

October 2008 The funding position of the scheme is not known, but some media reports have speculated that it faces a £100 million deficit and has assets of £180 million.

The PPF confirmed last month that it had been contacted by the scheme's trustees who were looking for assistance.

If the Lehman Brothers' scheme is found to be fully funded it will be allowed to wind-up by itself through a pensions buy out with an insurance company. But if it does not have sufficient assets to meet its liabilities it will be taken into the PPF.

If this happens people who have already retired, either because they reached the scheme's normal pension age or because they have retired due to ill health, will receive 100% of their benefits, but people who have not yet retired will receive 90% of the pension they had built up, up to a limit which is currently £30,856. They will also not qualify for their pension until they are 65.

 

Name: Lend Lease UK Pension Scheme
Location:    
Employees-953/Deferred-933/pensioners-293/dependants-26
Windup:
Fund: £265m March 2007
Comments: April 2008 : Lend Lease Corporation an Australian based company have put in place a 6 week consultation period to close the Lend Lease UK Pension Scheme - Final Salary Pension Scheme, replacing it with a mixture of Index Linked, Personal Investment (with part company funding, varying per individual) and the SP2 Government scheme.   The Final Salary Pension Scheme had 2,205 members as of March 2007.  The Scheme fund, which is combined with the Index Linked Section (with 420 members) had assets of £265m as of March 2007.

 

Name: Leyland Daf Vans
Location: Ward End, Birmingham
Van Manufacturer
Employees/Deferred/pensioners
Windup:
Fund: PPF FUND MEMBER

Comments: Now LDV Limited. It is a wholly owned subsidiary of the Russian Gaz group. August 2008 Applied to the PPF. 13 January 2009 The pension scheme of the former Leyland DAF truck company has been bought up by the Pension Corporation insurance company for £230m.

 

Name: Link Housing Association
Location: Edinburgh
Employees/Deferred/pensioners 17 Deferred
Windup: 31 December 1997
Fund:
Comments: Link Housing Association, Edinburgh, wound-up TWO pension schemes. It began winding-up its Final Salary scheme on 31 Dec 1990.  Wind-up concluded in 1997 (source: Trustee Minutes 14 Oct 1997).  

 

A new pension scheme - the Group Money Purchase Scheme started 1 Jan 1991.  It was wound-up on 31 Dec 1998.  It was replaced by a Group Personal Pension Scheme.  

 

Link was probably one of the first to wind-up its final salary schemes.  In 1990 there was no publicity about such matters and it was a relatively unknown step for an organisation in profit and a pension scheme in surplus. 

 

37 people have lost out because they have Section 32 Buy-out Bonds instead of a deferred annuity.  According to the Trustee Minutes (10 Oct 1995) -

 

37 members transferred out, 17 members have deferred annuity contracts and this includes members who did not sign or were not traceable (the default position) . 3 members started to receive their retirement benefits.  

 

Name: Linklaters
Location: 
Legal
Employees/Deferred/pensioners 50 members
Windup: To close final salary to ALL employees - November 2009
Fund:
Comments: September 2009: The firm stopped allowing new entrants to the final salary scheme in 1996, but around 50 employees are still members. Under the proposals, those members will retain the pension pot they have accrued up to now, but will move to the standard ­contributory scheme in ­November 2009.

 

Name: Lionheart Pension Scheme
Location: 
Some employees linked with Croydex Lionheart Group
Employees/Deferred/pensioners approx 900 people affected
Windup: 3 May 2003
Fund:
Comments: The scheme was wound up by the Trustees whilst the company was still solvent to ensure the company did not fold to protect 300 jobs for those still working there. Those with pre 1990 service and a few members who remained contracted in to SERPS will receive zero as the scheme was contracted in until 1990. However those with more recent service will receive around 10-20% of their entitlement.

 

Name: Lion Mark Holdings
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Lister Petter
Location: Long Street, Dursley, Glos
Diesel Engine manufacturer
Employees/Deferred/pensioners 150 employees
Windup: 4 March 2004 managed by administrators since July 2003
Fund:
Comments: Employees could be left with only a fifth of their hoped-for pension, despite a £1.6million cash injection into the scheme by the firm's new owner Industrial Investment Holdings. The sale of the Dursley firm came after its pension scheme collapsed with a £10million deficit in early 2004. The new owner was not obliged to add extra cash to the pension fund, but decided to inject £1.6million to help about 120 of the 226 employees. Malcolm Wicks has said that Lister Petter employees can be added to to its emergency Pension Protection fund for victims of pension collapses.

 

Name: Listers Textiles
Location: Wool 
Bradford
Employees/Deferred/pensioners 600
Windup:
Fund:
Comments: They lost ALL their pension

 

Name: Lloyds Banking Group
Location:   
Banking
Employees/Deferred/pensioners
Windup:
Fund:
Comments: July 2009:  State owned lender Lloyds Banking Group is reviewing its final-salary pension schemes, a move that raises fears that the bank will follow the lead of rival Barclays and axe them. The bank has started work on standardising its employees’ terms and conditions as part of the integration of HBOS, the failed lender it acquired at the start of the year. As part of that exercise, Lloyds is reviewing its pension arrangements. Unions hope to start talks with the company on pensions and pay next month.

 

Name: Local Government
Location:
Employees/Deferred/pensioners 2,000,000
Windup: Proposal for Transfer to Career Average Scheme 
Fund:
Comments: August 2009: Communities secretary John Denham is said to be drawing up plans to strip two million local government employees of their final salary pension schemes. Senior staff could be set to lose out on tens of thousands of pounds a year if the changes are applied across the board. Sources told The Times that the proposals included moving staff on to a "career-average scheme", a system already used for new recruits to the civil service. 

 

Name: Logica
Location: 
Computing Group
Employees/Deferred/pensioners 
Windup: Final Salary Scheme closed to all from second quarter 2010
Fund: The UK defined-benefit scheme, with £178 million of assets, was £14.9 million in deficit at the end of 2008.
Comments: December 2009: Logica, is to close its final-salary pension scheme, stripping 470 of its longest-serving employees of the opportunity to continue clocking up guaranteed retirement benefits. Logica said that it planned to close the defined-benefit scheme to new accrual from the second quarter of next year, offering the casualties the chance to join an inferior defined contribution scheme. An existing defined-contribution scheme for another 3,200 Logica employees in the UK will also be closed. Members of that scheme will be offered the opportunity to join the new scheme. Dennis Bell, manager for UK remuneration and benefits, said that the old final-salary scheme had made it harder to price contracts because the accounting cost of providing the benefits was so volatile. The new system would give Logica more certainty.

 

 

 

Name: Lufthansa German Airlines (Globeground)
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments: Hived off from Lufthansa in 1995 to form company called Globeground. Sold to French company Penauille in 2001 (they also own Servisair). Globeground pension fund under-funded, so Penauille is now winding up the scheme.

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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.