WOUND UP FINAL SALARY SCHEMES

FINAL SALARY SCHEMES STATUS

Last Updated

Friday, November 13, 2009

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Name: Fabric Care Research Association

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Family Service Units (FSU)

Location:

Childcare charity

Employees/Deferred/pensioners 400 staff

Windup:

Fund:

Comments: Many of the charity's staff were members of local authority pension schemes and the organisation had been hit with a demand for an estimated £5m to meet scheme deficits. The charity's assets had been run down to £4m by having to subsidise service contracts.

Name: Farrel Ltd Retirement Benefits Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Federal Mogul/(Turner & Newell)

Location: Across UK

Motor Engineering

Employees/Deferred/pensioners Could be more than 40,000

Windup: Chapter 11 in US

Fund: in total it has been estimated as much as £875m

Comments:. Federal-Mogul is a US Michigan based company, with several locations in UK.

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.

Since 2001 the firm has been in administration and in July 2004 Kroll, administrators of the British arm of Federal Mogul, got permission in the high court to block any further contributions to the scheme by the company's operations in the UK.

July 2004 Federal Mogul representatives say that the ongoing pension fund deficit is £300m, the winding up deficit is estimated to be £875m but that the fund is worth £998m and that the company has already offered to make a payment of £65m on top of its annual pension contributions of £7m i.e. to continue its contribution rate of 11.4 per cent.

The independent trustee has turned down the company's initial offer, saying that the company will need to make additional contributions of £29m per annum for the next eight years and maintain its current maintenance contribution.

Name: Felix Schoeller (Glory Mill) Pension Scheme

Location: Wooburn Green near High Wycombe

Employees/306 Deferred/88 pensioners

Windup:

Fund:

Comments: Profitable company still trading. Wound up pension scheme with losses to members. Glory Mill was taken over by the profitable German firm Felix Schoeller in 2002 - but the company wants to rid itself of the expensive final salary pension scheme. The Glory Mill pension fund, which is on the verge of winding up, has a significant deficit, says Independent Trustee Services (ITS), which is overseeing the pension assets. ITS has held out on the wind-up, waiting for the Government to change pension law.

FSL went into members' voluntary liquidation and the directors swore a declaration of solvency in 2000 (Assets £40M). The pension scheme was then renamed and placed under a subsidiary FSIL which had been in operation since -1998. In 2002 the company ceased making contributions to the pension scheme and also put FSIL into members voluntary liquidation again swearing a declaration of solvency (Assets £3M).

Name: Ferodo (Friction Dynamics)

Location: Caernarvon

Brake Linings

Employees/Deferred/pensioners 300 approx

Windup:

Fund:

Comments: Could lose 70% or more of their entitlement as are linked with Federal Mogul owners of Turner and Newall whom they are claiming against. Federal Mogul owned Ferodo until 1998 when it was sold.

Name: Ferraris Piston Service

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: F H Burgess

Location:

Agricultural Suppliers

Employees/Deferred/pensioners

Windup:

Fund:

Comments: Company still solvent

Name: Fiege Merlin

Location:

a supplier of vans and tractors

Employees/Deferred/pensioners 127 members

Windup:

Fund: PPF FUND MEMBER

Comments:

Name: Finelist

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Firmin & Sons

Location: Birmingham

Buttons and Badge Maker

Employees/Deferred/pensioners 70 employees

Windup: (closed to new members 2000)

Fund: £2,000 deficit

Comments: April 2006: Firmins has been put into administration Moore Stephens is the administrator. Firmin’s sales rose by 16 per cent to £3.4 million in 2005 and the company recently won a share of a five-year contract to supply the Ministry of Defence with buttons and badges. But a long delay in finalising the contract hit the company’s cashflow.

Moore Stephens has kept Birmingham’s oldest company open in the hope of finding a “white knight” purchaser, but the administrator has admitted that the final-salary pension scheme will probably have to be wound up. The administrator has already cut 11 of the company’s 70 jobs.

Name: FJ Warren Final Salary Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Flextronics International

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Focus DIY

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Foden

Location: Sandbach, Cheshire

Employees/Deferred/pensioners Approx 2500 people affected

Windup: 1981

Fund: Company went into liquidation in 1981, leaving the pension scheme some £1M underfunded. The pension was frozen from that date.

Comments:

Name: Forgemasters Engineering

Location: Sheffield

Employees/Deferred/pensioners 600

Windup:

Fund: £180m with deficit of £60m

Comments: The company, which has been up for sale since its parent group went into administration almost two years ago, is to be bought out by a team led by its managing director, Dr Graham Honeyman. As part of the deal is to take a stake in the ongoing company, and will then apply for admission into the PPF. The company has been given an indication that its application is likely to be accepted. SFE is the largest private employer in Sheffield, and remains profitable, making operating profits of £2.5m last year. However, its parent company had struggled to sell the business due to its pension liabilities. If a deal could not have been reached with the PPF, the company would have been forced into administration, with the pension fund and creditors likely to have been left in a worse situation. Jobs would also have been lost.

Name: Fredk H Burgess

Location: Stafford

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Freshbake Foods Pension Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Friends Provident

Location:

Employees/Deferred/pensioners

Windup:

Fund: Company still solvent

Comments: British insurer Friends Provident plans to close its defined-benefit pension scheme to new staff from July 2007 and will raise the retirement age.

Name: FSA (Financial Services Authority)

Location: London

Employees/Deferred/pensioners

Windup:

Fund:

Comments: August 2009: The FSA has awarded around a fifth of its workforce a 10pc pay rise to compensate them for the regulator's decision to close its final salary scheme to existing members. A total of 495 staff were told last month they will no longer be able to contribute to the scheme and will be moved into a less generous DC scheme, which already has over 2,000 FSA members. The decision has been made to help save the FSA money after it spent £347m this year, but raised only £324m from fees and other revenues. Its expenditure included a £5.8m payment as part of plans to make good a £88.9m deficit in the pension fund. An FSA spokesman says: "Following a consultation, a decision was made to close this scheme in March 2010 and affected staff will move to a money purchase pension scheme".

Name: Fujitsu

Location:

Computer services

Employees 12,500 /Deferred/pensioners 4,000 final salary scheme members

Windup:

Fund: Company still solvent

Comments: May 2009 The company closed the final salary scheme to new joiners in 2000, but now wants to shut the scheme to existing staff as well.

Name: FW Russell Pension 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.