FINAL SALARY SCHEMES STATUS

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Last Updated 

Friday, November 13, 2009

 

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Name: Kalamazoo Pension and Life Assurance Plan
Location: Birmingham
Computer products
Total membership of the plan in 2002 was 2088. The number of pensioners being 878. Members with preserved and deferred benefits total 1072.
Windup: 24th Oct.2001 will be complete by the 1st December 2003
Fund:
Comments:   Deferred pensioners have lost roughly half their promised pension.

 

Name: Karl Mayer Textile Machinery
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Kingsmead Carpets (Richards Group)
Location: Cummnock Ayrshire
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Kingsmead Underwriting Agency Ltd
Location:
Employees/Deferred/pensioners
Windup:
Fund:
Comments:

 

Name: Kvaerner
Location: Aberdeen and Portsmouth
Norwegian engineering group
1,850 employees/16,000 Deferred/14,000 pensioners 
Windup: Still Solvent
Fund: £1.3bn £200m deficit
Comments: A three-year cash injection agreed in 2003 by previous parent company Kvaerner expired in March 2006.
The trustee is "currently in negotiations with Kvaerner plc to try to achieve a solution which would prevent KPF from having to enter the Pension Protection Fund".

April 2006: Kvaerner is to help fund a £101m injection into the £1.2bn pension scheme of a UK business which it sold for £1 a year ago. The rescue of the fund, which had a £200m pension deficit, is one of the first of its kind to be cleared by the new pensions regulator. Aker, Kvaerner’s Norwegian parent, owned Dexion, a British shelving and storage company put into receivership in 2003, resulting in 700 workers losing their pensions.

October 2006:  Kvaerner has completed its deal with The Pensions Regulator allowing it to sever all responsibility for its £1.2bn UK pension fund.

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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.