salary fund 108% on MFR calculations Result...50% + reduction in
benefits for final salary deferred members.
Dundee site closed and pension fund would up in
2001. Company solvent and still trading. New investment in Derby
site which is still open. The company who are winding up the Scheme
state that no Director retired shortly before the wind up.
Company cites increased cost of
maintaining it. Also blames burdens from Government of having to
provide stakeholder for other parts of group. Decided to move to a
stakeholder provision only
and walks away from final salary promises. Monies shared amongst members but a small amount of
accrued cash still to be shared. Trustees say they have
informed OPRA that they failed to inform deferred members until 14
months into the wind up contrary to requirements of 1 month. Claimed
the fund was in good health (according to MFR ) at audits in 1999
final salary scheme to existing members
2009Telent, the rump of the former Marconi telecoms group
owned by Pension Corporation, has shut its £2.5 billion final salary
pension scheme to existing members as part of an effort to keep the lid
Telent, whose acquisition two years ago by
Edi Truell’s buyout firm sparked huge controversy over the certainty
of payments to the company’s pensioners, today joined the growing list
of UK companies to effectively put their schemes into wind-up.
Telent’s scheme has about 56,000
members, of whom about 35,000 currently draw a pension.
About 1,300 Telent staff will be
affected by today’s move. The company said that it was beginning a
consultation with employees over a new, defined contribution scheme that
would come into effect for employees next April.
January 2009Tesco has lobbied the government to push through
reforms to the UK's retirement rules that would allow the supermarket to
cut its final salary pension payouts if employees live longer than
Texon UK limited was put into
administration and then liquidated in Feb 2005. The company demerged
along with BUSM from USMTexon but there was insufficient funds for
existing pensioners and HMG provided assistance.
Electric International Ltd.
6 members approx
Comments: Company now wound up by
Pension and Benefits fund now being wound up by independent trustee and
Wine Merchants part
of First Quench
Comments:November 2009: The
First Quench Retailing pension scheme could be passed to emergency agency
the Pension Protection Fund in the wake of its administration.
The Japanese-owned company has admitted there is a £32m shortfall in
the its pension fund. The firm's administrators Deloitte Touche said in a
statement that talks were under way to find a "mutually acceptable
compromise". The trustees are blaming the fall in the stock market,
with pension contributions being used to buy stocks and shares.
Retirement Benefits Plan
Totectors went into administrative receivership on the 8th July 2003
and completely ceased trading approximately three months later. Pinsents
Trustees Ltd were appointed Independent Trustees to the Pension Plan on
the 15th September 2003 and the Plan went into Wind Up with effect from
the 24th November 2003.
March 2006 Travis Perkins has closed its generous final-salary pension scheme to new members.
Employees already in the Travis Perkins and Wickes final-salary schemes may be asked to increase their contributions.
400 workers could lose thousands of pounds after Triplex Components Group
sold off all its businesses and assets.They were bought out by
Barr Bros (they also own Ketlon) they renamed the company Triplex
Machining, but they would not support the existing pension fund.
The money from the sale of businesses went towards ensuring that retired
former employees continued to get their pensions, but existing workers
found their pensions decimated – some losing more than 30 per cent of
what they expected to receive.
And disaster stuck again in May 2005, when the company's new owners, Barr
Brothers, announced the factory was to close after it lost several
multi-million-pound contracts to supply the 5,500-man MG Rover plant at
Longbridge, which ceased production the previous month.
shut its final salary pension scheme
2009: TRW one of the biggest
employers in the West Midlands is proposing to shut its final salary
pension scheme to existing staff. Plunging
share prices last year and increases in life expectancy had pushed the
occupational scheme into a £500m deficit. Yhe company, which owns the
automotive division of the former Lucas Industries, said that to safeguard
existing pension pots - which are understood to need employer
contributions worth more than 30% of salary - the scheme would need to
close to new entrants and existing employees. New employees would be
offered a stakeholder scheme without any employer contribution.
(part of Federal Mogul)
fund is frozen (also see Turner and Newell below)
& Newell/Federal Mogul
Could be more than 40,000
administration since October 2001
Fund: it has been estimated as much as
is owned by the US Michigan based company Federal-Mogul purchased in 1997, which has been struggling to
avoid insolvency since October 2001 because of the cost of meeting
asbestos-related illness claims from past employees.
If it does go under, the pension fund
would face difficulties, even though the company says the fund meets the
official "Minimum Funding Requirement". The scheme is still
Almost 20,000 current and former workers
at car parts maker Federal Mogul in the UK could lose nearly half their
retirement income as their pension fund faces winding-up with a shortfall
of close to £875m.
A further 20,000 pensioners of T&N,
Federal Mogul's British subsidiary, would have their benefits frozen.
Construction & Plant
Windup: In wind-up since 1991
was wound up when American Airlines bought the company which had declared
USA. Fund was fully funded per MFR but did not have enough funds to buy
everyone’ s benefits. There is a TWA Pension Action Group. Contact Kenm@telefonica.net
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.