FINAL SALARY SCHEMES STATUS

XYZ

Last Updated Friday, January 22, 2010

 

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* Registered with FAS

 

*Name: Yardley Lentheric Payroll Pension Fund and the Yardley Lentheric Staff Pension Fund
Location: Basildon Essex.

 
Employees/ 154 Deferred/ 162 pensioners Staff 46 Deferred/   56 pensioners Payroll
Windup: 20th November 1998 Staff Fund/8th October 1999 Payroll Fund
Fund: All new Staff Pensions after start of wind-up reduced by 50%. All new Payroll Pensions after start of wind-up reduced by 25%. 

Comments: Company went into receivership 26th August 1998. Staff fund was on a 2 year Contribution Holiday commencing February 1997. 

Pensions in payment are guaranteed to increase each year by 5% or the increase in the Retail Prices Index if this is less.

 

Name: Yorkshire Bank
Location: Leeds HQ
Employees/Deferred/pensioners 3,500 employees
Windup: Company still solvent
Fund: £426m deficit

Comments:  
Jan 2006 Ballots on the proposals will take place between February 22 and March 15 and Yorkshire Bank needs to get agreement from 50 per cent of the members. Same is happening at Clydesdale Bank, its sister company. Yorkshire Bank's parent company is National Australia Bank. Under the Yorkshire Bank proposal, 2006 will be the last year of the final salary scheme. After that people will earn one sixtieth of their salary for that particular year. This will effect all members


Yorkshire Bank's parent NAB said the move was designed to put its pensions on a more secure footing. It currently runs three final salary schemes in the UK which have a collective deficit of £426m.

 

March 2006 Members voted on a 'career average' pension to replace the final salary one from 1 April 2006. (63% voted for it).

 

Name: Yorkshire Chemicals
Location: 
Employees/Deferred/pensioners  Scheme is believed to have around 500 retired and 500 deferred pensioners.
Windup:  
Fund:   

Comments: Yorkshire Chemicals plc went into administration in October 2004. Although the business was sold, the new owners did not take on the pensions liabilities, this business also subsequently went into administration in December 2005 and there are now no UK employees.

The administrators of Yorkshire Chemicals, PWC, kept the final salary pension scheme going with one employee contributor until June 2005. We believe the scheme trustees applied for permission to initiate wind-up proceedings in January 2006.

While the scheme was said to be fully funded within government guidelines as an ongoing scheme, the situation now is that around £90m is required to fully provide for all members on wind-up, but the assets are valued at only £50m. We have no indication as to how much of this would be consumed in providing for existing pensioners, and hence how little is left for deferred pensioners

Information from scheme trustees on individual prospects has been negligible over the last 18 months. We have been given no indication as to whether the scheme will qualify for the financial assistance schemes, or when this will become clear.

 

 

*Name: YUASA Warwick Machinery Pension Scheme
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

*Name: Zal Holdings Group Pension Plan
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

*Name: Zenta Engineering Holdings Retirement Benefit Scheme
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

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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.