WOUND UP FINAL SALARY SCHEMES

FINAL SALARY SCHEMES STATUS

Last Updated

Saturday, November 28, 2009

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Name: Taylor Engineering & Plastics

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Tecnograv Ltd

Location: Dundee and Derby

Employees/Deferred/pensioners

Windup: 31st March 2001 nearing completion

Fund: Final salary fund 108% on MFR calculations Result...50% + reduction in benefits for final salary deferred members.

Comments: Dundee site closed and pension fund would up in 2001. Company solvent and still trading. New investment in Derby site which is still open. The company who are winding up the Scheme state that no Director retired shortly before the wind up. Company cites increased cost of maintaining it. Also blames burdens from Government of having to provide stakeholder for other parts of group. Decided to move to a stakeholder provision only and walks away from final salary promises. Monies shared amongst members but a small amount of accrued cash still to be shared. Trustees say they have informed OPRA that they failed to inform deferred members until 14 months into the wind up contrary to requirements of 1 month. Claimed the fund was in good health (according to MFR ) at audits in 1999 and 2000.

Name: Telent

Location: Countrywide

Employees/Deferred/35,000 pensioners (56,000 members)

Windup: closing final salary scheme to existing members

Fund:

Comments: November 2009 Telent, the rump of the former Marconi telecoms group owned by Pension Corporation, has shut its £2.5 billion final salary pension scheme to existing members as part of an effort to keep the lid on costs. Telent, whose acquisition two years ago by Edi Truell’s buyout firm sparked huge controversy over the certainty of payments to the company’s pensioners, today joined the growing list of UK companies to effectively put their schemes into wind-up. Telent’s scheme has about 56,000 members, of whom about 35,000 currently draw a pension.

About 1,300 Telent staff will be affected by today’s move. The company said that it was beginning a consultation with employees over a new, defined contribution scheme that would come into effect for employees next April.

Name: Tesco

Location: Countrywide

Employees/Deferred/pensioners

Windup:

Fund:

Comments: 25 January 2009 Tesco has lobbied the government to push through reforms to the UK's retirement rules that would allow the supermarket to cut its final salary pension payouts if employees live longer than expected.

Name: Texon

Location:

Employees/Deferred/pensioners

Windup: Feb 2005

Fund:

Comments: Texon UK limited was put into administration and then liquidated in Feb 2005. The company demerged along with BUSM from USMTexon but there was insufficient funds for existing pensioners and HMG provided assistance.

Name: Thermo Electric International Ltd.

Location: Sittingbourne, Kent.

Employees/Deferred/pensioners 6 members approx

Windup:

Fund:

Comments: Company now wound up by official receiver.
Pension and Benefits fund now being wound up by independent trustee and fund
administrator.

Name: Thomas Armstrong (Holdings)

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Threshers

Location:

Wine Merchants part of First Quench

Employees/Deferred/pensioners

Windup:

Fund:

Comments: November 2009: The First Quench Retailing pension scheme could be passed to emergency agency the Pension Protection Fund in the wake of its administration.

Name: Thwaites Dumpers Limited

Location: Welsh Road, Cubbington, Leamington Spa, Warwickshire CV32 7NQ

Employees/Deferred/pensioners Apparently 400 deferred

Windup:

Fund:

Comments:

Name: Tick hill

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: E Timm & Son

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Tinsley Bridge Pension Scheme

Location: Rotherham.

Employees/Deferred/pensioners

Windup: October 2000

Fund:

Comments:

Name: TK ECC (European Components)

Location: Dundonald, Belfast

Employees/Deferred/pensioners 550 employees

Windup: March 2004 (company)

Fund:

Comments: The Japanese-owned company has admitted there is a £32m shortfall in the its pension fund. The firm's administrators Deloitte Touche said in a statement that talks were under way to find a "mutually acceptable compromise". The trustees are blaming the fall in the stock market, with pension contributions being used to buy stocks and shares.

Name: Totectors Retirement Benefits Plan

Location: Rushden, Northamptonshire

Employees/Deferred-280/pensioners-147

Windup: 2003

Fund:

Comments: Totectors went into administrative receivership on the 8th July 2003 and completely ceased trading approximately three months later. Pinsents Trustees Ltd were appointed Independent Trustees to the Pension Plan on the 15th September 2003 and the Plan went into Wind Up with effect from the 24th November 2003.

Name: Transtechnology

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Transmitton Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Transtec Automotive (Coventry & Nuneaton) Pension Scheme

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Travis Perkins

Location:

Employees/Deferred/pensioners 9,000 members

Windup:

Fund: £100.80 million deficit 31 December 2006

Comments: March 2006 Travis Perkins has closed its generous final-salary pension scheme to new members. Employees already in the Travis Perkins and Wickes final-salary schemes may be asked to increase their contributions.

Name: Trident Alloys

Location: Bloxwich, West Midlands.

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Triplex Components Group

Location: Stratford, Peterborough (Windsor Ave, Walton)

Precision Components

Employees/Deferred/pensioners Estimated 500 employees

Windup: 2003

Fund:

Comments: About 400 workers could lose thousands of pounds after Triplex Components Group sold off all its businesses and assets. They were bought out by Barr Bros (they also own Ketlon) they renamed the company Triplex Machining, but they would not support the existing pension fund.

The money from the sale of businesses went towards ensuring that retired former employees continued to get their pensions, but existing workers found their pensions decimated – some losing more than 30 per cent of what they expected to receive.

And disaster stuck again in May 2005, when the company's new owners, Barr Brothers, announced the factory was to close after it lost several multi-million-pound contracts to supply the 5,500-man MG Rover plant at Longbridge, which ceased production the previous month.

Name: TRW

Location: West Midlands

Engineering

Employees/Deferred/pensioners 2,700 workers

Windup: To shut its final salary pension scheme

Fund:

Comments: July 2009: TRW one of the biggest employers in the West Midlands is proposing to shut its final salary pension scheme to existing staff. Plunging share prices last year and increases in life expectancy had pushed the occupational scheme into a £500m deficit. Yhe company, which owns the automotive division of the former Lucas Industries, said that to safeguard existing pension pots - which are understood to need employer contributions worth more than 30% of salary - the scheme would need to close to new entrants and existing employees. New employees would be offered a stakeholder scheme without any employer contribution.

Name: TTP Precision

Location:

Employees/Deferred/pensioners

Windup:

Fund:

Comments:

Name: Tutnells (part of Federal Mogul)

Location: Lydney, Glos

Motor Engineering

Employees/Deferred/pensioners 300

Windup:

Fund:

Comments:. Pension fund is frozen (also see Turner and Newell below)

Name: Turner & Newell/Federal Mogul

Location: Manchester based

Motor Engineering

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

Windup: In administration since October 2001

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

Comments:. T&N is owned by the US Michigan based company Federal-Mogul purchased in 1997, which has been struggling to avoid insolvency since October 2001 because of the cost of meeting asbestos-related illness claims from past employees.

If it does go under, the pension fund would face difficulties, even though the company says the fund meets the official "Minimum Funding Requirement". The scheme is still open.

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.

Name: Turriff Corporation

Location: Warwick

Construction & Plant Hire.

Employees/180 Deferred/199 pensioners

Windup: In wind-up since 1991

Fund:

Comments:.

Name: TWA UK

Location: Around London

Airline

Employees/256 Deferred/164 pensioners

Windup: April 2001

Fund:

Comments: Fund was wound up when American Airlines bought the company which had declared Chapter 11 in USA. Fund was fully funded per MFR but did not have enough funds to buy everyone’ s benefits. There is a TWA Pension Action Group. Contact Kenm@telefonica.net

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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.