FINAL SALARY SCHEMES STATUS

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Last Updated 

Sunday, March 14, 2010

 

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Name: National Australia Bank
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments: National Australia Bank said in January 2006 it proposed to stop UK staff from acquiring further final-salary pension benefits from April 1 and would also inject 100 million pounds into its fund.

 

Name: National Society for the Prevention of Cruelty to Children (NSPCC)
Location:
Employees/Deferred/pensioners 900 staff
Windup: Final Salary Scheme closed to all staff from 31 Dec 2009
Fund: 
Comments: July 2009: The change, which will affect all 900 staff, will be implemented from 31 December 2009. The decision follows a raft of 150 redundancies in March and a pay freeze.

 

Name: Nationwide Building Society
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments: The mortgage lender moved staff to a career-average plan more than four years ago in 2002. The firm was one of the first prominent employers in Britain to make the change.

 

Name: NCH Europe
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: NEC Group
Location: Birmingham
Employees/Deferred/pensioners
Windup: Closing fund to all employees (closed to new employees 1 )ct 2006)
Fund: 

Comments: February 2010:The NEC Group's proposing closing its final salary pension scheme to future accrual, affecting just over 40% of the permanent workforce. The Birmingham-based venue management company is entering a 60-day consultation period with all affected employees - about 360 - beginning on February 23, during which time alternative proposals may be put forward. If the proposals go ahead all employees currently in the final salary scheme will be offered the opportunity to sign up to the group scheme, along with new starters.

 

Name: Neepsend Employee Benefit Scheme
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: NESTLÉ
Location:
Employees/Deferred/pensioners
Windup: Scrapping final salary scheme for all
Fund:

Comments: March 2010 NESTLÉ has announced it is scrapping final salary pensions for staff – but claimed its pension scheme will still be one of the best in the industry. The company said it would continue to offer both “defined benefit” and “defined contribution” options for both existing and new employees, but the resulting defined benefit pension would relate to an employee’s average salary during their career instead of their final salary.

 

Name: NEU International
Location: Woking Surrey 
Employees/Deferred/pensioners
Windup: went into liquidation on 4th July 2003
Fund:
Comments:

 

Name: Newsquest
Location: National 
Employees/Deferred/pensioners
Windup: Wants to change Final Salary Scheme
Fund:
Comments: July 2007: The company is claiming a £65m pensions deficit, and has told staff that to keep their current final salary pension scheme they must increase their contributions from six per cent to ten per cent over the next four years - which could cost someone on £20,000 an extra £40 per month.

Under this option Newsquest would also increase its contribution from six per cent to 12 per cent - a figure the NUJ says is far below what other comparable employers in the sector contribute.

Apart from increasing their contributions to keep the final salary scheme, the options available include paying in less for an inferior version, changing to a money purchase - or defined contribution - scheme, or opting out altogether.

 

Name: Newton Derby Ltd Pension and Life Assurance Scheme
Location:
Employees/Deferred/pensioners
Windup:
Fund: PPF MEMBER
Comments:

 

Name: Nigel Rose & Partners Pension Plan
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Nickerson Investments
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Nikko Cordial Corporation
Location:
Japanese Banking and Securities Group
Employees/Deferred/pensioners
Windup: Christmas Day 2001
Fund: £14m deficit est. (59% of assets)
Comments: Company is still trading. The company had no legal obligation to top up the fund as it had put in the minimum required.

A group of former employees is now putting pressure on the company to make good the shortfall. 

 

Name: Norcosse Holdings Pension Fund
Location:
Employees/Deferred/pensioners 40 members at wind up, plus one who is of retirement age
Windup: Started wind up proceedings 12 November 2004. Independent Trustee appointed 4th October 2004
Fund:
Comments: Independent Trustees  – Lawrence Graham Trust Corporation

 

Name: Norprint Labeling Systems
Location: Boston Lincs
Employees/Deferred/pensioners 180 employees
Windup: Wound up its fsp in May 2005
Fund:
Comments: Feb 2006:  Just been bought out and is trading under a new name Norprint UK 180 employers some manage get theirs out before the buy out on the 1st Feb 2006.

 

Name: Nortel Networks
Location: 
Employees/Deferred/pensioners 180 employees
Windup: Filed for bankruptcy January 2010
Fund:

Comments: February 2010: Nortel Networks filed for bankruptcy last January and plans to use the sale of international assets to pay its shareholders. However, a court hearing in Canada on Thursday will decide the extent of the regulator’s claim. The UK regulator is pursuing a Financial Support Direction from Nortel entities in the US, Canada and EMEA region which would allow it to use Nortel's global assets to fund a £2.1 billion deficit in the UK pension fund. It is understood that assets from the UK business would cover less than half of the deficit but if the scheme is to avoid the PPF it needs to find £2.2 billion. If the UK scheme does join the PPF, the pensions lifeboat will have to pay £700 million towards its cost. 26 February 2010: Canadian newspaper The Globe and Mail reports that the UK regulator attended a Toronto court hearing yesterday in a bid to secure £2.1 billion of international assets from communications company Nortel Networks. John Marshall, partner at Canadian law firm Borden Ladner Gervais, which is acting for the regulator said Nortel has ‘grossly overstated’ the level of interference. ‘The regulator never becomes a creditor. Its job is to fulfil its statutory obligations,’ said Marshall. March 2010 Britain’s pensions regulator is to appeal a decision by a Canadian court that bars it from laying claim to billions of pounds worth of assets owned by Nortel, the telecoms equipment manufacturer, on behalf of members of the UK subsidiary’s underfunded pension scheme.

 

Name: NSG UK Services Ltd (formally known as Flexello)
Location: Slough
Employees approximately 200/Deferred/pensioners
Windup: 30th June 2001.
Fund:
Comments:
Scheme being wound up by an independent trustee, Ann Hearn of Ann Hearn Associates .

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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.