FINAL SALARY SCHEMES STATUS J Last Updated Friday, January 15, 2010 |
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Comments: Fund already closed to new entrants. |
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Comments: From a member: I paid into John Edward Crowther (Holdings) Plc pension scheme from 1977 to 2002 and would have had a pension in the region of £18,736 if they had not closed it I now expect in the region of £1,700 per year. The organisation did not go into liquidation just closed the scheme. |
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The occupational scheme was operated by the Hull based shipping company John H Whittaker [Holdings] Ltd. They took the decision to enter the wind up of the Plan.
The company is still trading, the wind-up was not the result of an insolvency. However deferred beneficiaries have been informed that the net effect of the wind-up is that they can only expect to receive some 70% of GMP and even this is not guaranteed. |
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Wind up by solvent company |
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Comments: The unlisted department store and retail group said it might increase the retirement age at its final-salary scheme to 65 from 60. |
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Comments: January 2010: Regional publisher Johnston Press has announced plans to close its final salary pension scheme to the build-up of future benefits. The company says the proposal will help cut its pensions deficit which has grown from £74m, to £146m since 2002. The final salary scheme was closed to new employees several years ago and now includes only 15pc of JP's total workforce. A letter to staff from chief executive John Fry today said that existing benefits in the scheme would be protected, but from 1 July, future benefits would only be available from joining the group's money purchase scheme. |
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Comments: November 2009: JM has agreed to wipe out the deficit by making extra cash contributions of £23.1m a year over the coming decade. But in a state issued by the company, it says that to limit the growth of future pension liabilities it wants to replace the contributory final salary scheme with a non-contributory career average salary. The company says it is in consultation with its employees and the results of this will be known early next year. |
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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.