WOUND UP FINAL SALARY SCHEMES 

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Last Updated 

Tuesday, July 03, 2007

 

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

 

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: 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: 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.