FINAL SALARY SCHEMES STATUS

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Last Updated 

Friday, November 13, 2009

 

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Name: Walker Greenbank
Location:  
Soft furnishing manufacturer
Employees/ Deferred/ pensioners
Windup: 
Fund:
Comments: Walker Greenbank has offered former staff in its 600-strong pension scheme more than £18,000 in exchange for surrendering inflation-linked increases in their pensions.

 

Name: Wardle Storeys
Location:  
Employees/ Deferred/ pensioners
Windup: 
Fund:
Comments:

 

Name: Warrens Imaging Laboratories
Location:  
Employees/ Deferred/ pensioners
Windup: 
Fund:
Comments:

 

Name: Warwick Group Pension Scheme
Location:  
Employees/Deferred/pensioners
Windup: 
Fund:
Comments:

 

Name: Wellman Group
Location: 
Employees/Deferred/pensioners
Windup: 1 January 2005
Fund:
Comments: Members were informed on 19 March 2005 - Existing pensioners would receive 100% of their pensions deferred members would receive 20%. Company is not insolvent.

 

Name: West Bromwich Building Society
Location: 
Employees/Deferred/pensioners
Windup: Closing Final Salary Pension Scheme
Fund:
Comments: West Bromwich Building Society is closing its final salary pension scheme in a further bid to cut costs after racking up huge losses. The West Brom, which lost £48.8 million in its last financial year and narrowly evaded financial collapse, is moving 250 of its 850 staff onto a defined contribution scheme. While they will keep all the past benefits they have accumulated, their future pension will not be linked to their salaries but will rely on how much they save. The pension move follows a string of other cost-cutting measures at the society, which has already axed 200 jobs and is moving away from risky buy-to-let mortgages and commercial property investments to save around £15 million a year. The pension switch has already been given the green light by the pension scheme trustees and will save the society around £800,000 a year.

 

Name: Westland
Location: 
Employees/Deferred/ pensioners 3000 members
Windup: 
Fund:
Comments: August 2007 AgustaWestland was facing a £94M shortfall in its final pension scheme, of which nearly all the firm's 3,000 staff are members. The company introduced changes to the scheme in May 2007. The previous scheme was based on employees' final salary but this has been replaced with a direct contributions scheme, which depends on how much money staff have paid into their pension. Pensions are now based on an average wage over a set number of years rather than an employee's final salary, leading to a reduction in some cases. Staff are worried the plans, which will alter how their final pensions are decided, will reduce the value of their pensions and will exclude new members of staff from the current scheme. Strikes are planned

 

Name: Westport Group
Location: 
14 Employees/Deferred/9 pensioners
Windup: 
Fund:
Comments: Later to be taken over by Sportsworld. The scheme was wound up and underfunded.  

 

Name: Westwood Care
Location: 
Employees/Deferred/pensioners
Windup: 
Fund:
Comments: Parent company still trading

 

Name: WFS
Location: 
Airline handler
Employees/Deferred/pensioners
Windup: Company Solvent Changing Terms
Fund:
Comments: March 2006 WFS currently handles United Airlines, American Airlines and ANA Cargo at Heathrow, says it will not honour the current money purchase pension agreements, which are in place with Airworld Handling, when it transfers its staff under TUPE at an unknown date. WFS says it intends to change the pension provider and force staff to contribute to the new pension even though they do not contribute at the moment. 

 

Name: Whelpdale Maxwell & Codd Ltd
Location:  
Employees/Deferred/pensioners
Windup: 26th August 1998 
Fund:
Comments:

 

Name: Whitbread
Location:  
Employees/Deferred/pensioners
Windup: Closing Final Salary Scheme to existing members 
Fund:

Comments: September 2009: Whitbread announced the closure of its final salary scheme to existing members from the end of 2009. The decision will affect 800 staff - around 3% of its workforce - who are currently members of the final salary fund, according to Whitbread. But the group said it was also extending its wider pension arrangement, which will allow a further 14,000 to join its defined contribution scheme. It has already shut the fund to new members in 2002.

 

Name: W H Smith
Location:
Employees/Deferred/pensioners
Windup: Company still solvent
Fund:
Comments: Jan 2007 WH Smith plans to shut its final-salary pension scheme in a move that would affect about 2,000 workers. The retailer said that 11% of its staff are members of the scheme - which has been closed to new members since 1995. The company estimated that it currently had a £41m pension deficit, and would need to pay in a further £50m during the next five years to fund it.

 

Name: Willenhall Manufacturing (Caparo)
Location:  
Employees/Deferred/pensioners
Windup:   
Fund:
Comments:

 

Name: Witherby & Co Printers & Publishers
Location:  
Employees/Deferred/pensioners
Windup:   
Fund:
Comments:

 

Name: W Notting Ltd
Location:  
Employees/Deferred/pensioners
Windup:  Dec 2000
Fund:
Comments:  The scheme was run by Norwich Union. The deficit is yet to be finally determined, although it seems there will be a major deficiency. The company is still solvent.

April 2005 - Although the employing company now is no more , remaining funds divided out to the US parent and company dissolved in December 2002 it is apparently still 'solvent'.

As it was dissolved by 'voluntary strike off' and was not involved in insolvency proceedings apparently it doesn't qualify for the FAS.

 

Name: Woolworths
Location:  800 stores
Employees/Deferred/pensioners 25,000 employees
Windup:  £250m deficit
Fund:
Comments: November 2008 A spokesman for administrators Deloitte said no decision has yet been taken about the retailer's final salary scheme. There are concerns that the Pension Protection Fund would be put under significant strain if it has to step in and pay members' pensions, with reports showing experts estimate the deficits to be around £250 million.

 

Name: Worldfast Holdings
Location:  
Employees/Deferred/pensioners
Windup:  
Fund:
Comments:

 

Name: Worldinvest Pension Scheme
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments: 

 

 

Name: W S Atkins
Location:
Engineering consultancy
Employees 1900 /Deferred/pensioners
Windup: Still solvent
Fund:
Comments: 15 March 2007: WS Atkins has effectively closed its final salary pension scheme saying it would move 1,900 staff to a defined contribution pension plan from July 1.

The change will leave just 1,150 workers protected by law or by their contracts in the company's final salary scheme.

The move, aimed at reducing a pension fund deficit at WS Atkins of 187 million pounds as of last June, was first touted in November.

WS Atkins closes final salary pension††Pensions††Reuters.co.uk

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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.