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FINAL SALARY SCHEMES STATUS D Last Updated Wednesday, February 17, 2010 |
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| Comments: March 2007: The company announced earlier this month that the US parent company had sold the engine parts business to German firm Mahle for $157m (£75m). This included the Glacier Vandervell manufacturing operations at Kilmarnock and Bathgate, which employ 600 people, and a technical centre at Rugby. However, as part of the deal, the Dana UK pension scheme, which covers 861 employees, was hived off into a separate company. Yet within days of the deal being completed, the PPF was served with what is known as a 120 notice. This officially informs the PPF that the fund is insolvent and is applying for financial assistance. | |||||||
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| Comments: September 2009: Daily Mail & General Trust is closing its final salary pension scheme to new members from October 2009, but insists its retirement benefits remain "generous". | |||||||
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| Comments: Dairy Crest is examining ways of mitigating their future pension liability. March 2006 - A ballot is being held for strike action. May 2006 - The Unions have negotiated a change of plan. The key changes include a commitment for an extra £30m cash injection, the establishment of pension consultation and communication forums and deferring by five years changes to early retirements. In addition the company has pledged to pay the Pension Protection Fund levy on behalf of the pension fund and there will be a full review of pensions in 2009, including the possibility of re-opening the scheme to new entrants. These changes were accepted by the shop stewards in the negotiations and the company agreed to delay until the end of July 2006 the closure of the final salary scheme to new entrants for those employed on or before 30th June 2006. June 2009 It was closed to new members in 2006 and has been in deficit for some years. The company has started a consultation with its staff over "various options" but is already committed to paying £20m a year extra to pay off the deficit. The firm's accounts recently showed a deficit in March this year of £63m. But the company expects that the next full valuation of the scheme, in 2010, will reveal a deficit at least £100m greater. September 2009 The scheme is scheduled to be closed to all members for April 2010. | |||||||
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| Comments: December 2003, Dalgety Arable was taken over by Masstock which set up a money purchase scheme. It pays in 4% of workers' salaries. As part of a compromise deal it agreed to pay £2m to plug some of the black hole in the pension scheme. | |||||||
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| Comments:
Documents
show that the EMC's UK financial controller, Robert Sliney, and EMC
Corporation’s Vice President of International Finance, also trustees of
the pension fund, warned in late 2001 that EMC's European subsidiaries had
a "negative balance sheet" and were trading on the support of
the parent, and that payment of the outstanding debt would make them
consider liquidating the businesses. The employer nominated trustees
(the majority) voted to accept the compromise. Documents now
available indicate that the trustees were misled, as the value of the
business was significantly greater than the liabilities, and that the UK
business transferred sums to the US parent at this time that were greater
than the liabilities. |
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| Comments:
the administrators of the company have informed members that the
scheme is to be wound up after court action to establish the liabilities of the company. The company has re-commenced trading using the name Datapoint Solutions. Details as follows: Datapoint U.K. Ltd 400, N. Circular RD. Neasden, London N.W.10 Date of notification June 2004. |
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Comment from pension fund member: Having subscribed to the above scheme for 38 years I find that my pension is very much reduced. I am in contact with OPAS and my local MP - neither has produced any result yet. Pension scheme is in windup. |
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| Comments: The retailer has closed its final-salary pension to future accruals of benefits. The plan is fully funded and has about 4,000 members, but the firm has said it wants to avoid exposure to future volatility. Staff are being offered transfer to a stakeholder pension scheme. The plan has about 4,000 members, but the firm has said it wants to avoid exposure to future volatility. Staff are being offered transfer to a stakeholder pension scheme. | |||||||
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| Comments:
Desmonds went into liquidation in 2004 after Marks and Spencer decided to buy its products from abroad.
Robert Garvin, the independent trustee on the scheme, said the shortfall was caused by external factors and "the employer's approach" to the pension.
He said a report showed the fund's assets could not meet all its pensions. The insurance risks report was released at the end of 2003. The company went into liquidation shortly afterwards, but the liquidator said it did not have any legal duty to pay the £13m shortfall. It said the company had already met its strict legal obligations towards staff. The trustees have said that pensioners will get at least some of what they are entitled to, however, it is still not clear how much that will be. It is thought to be less than half. |
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| Comments: Priority order of the members of the Scheme fixed, following company contribution default. MBO - April 2001 | |||||||
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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.