IBM UK mulls pension cutbacks
PrintThe C-plan diet
Posted in IT Director, 16th September 2004 08:47 GMT
Hitachi IT Operations Analyzer: 30-day free trial.
IBM is back in hot water over pensions. Investments and Pensions Europe revealed that IBM is "considering options - including wind-up of the C-plan section of its pension scheme.
The C-plan section, which closed to new joiners in 1997, is a contributory scheme which pays out on a defined benefit / final salary basis.
Comments on an IBM staff pension website pointed to "reasonably well-sourced" hints that IBM UK is looking at the future of the C-plan scheme. Scheme trustee Brian Marks, speaking personally, said these options included wind-up of the scheme. Another possibility was to force IBM employees to change their C-plan benefits into a deferred pension.
David Newman, UK pensions manager for IBM, was less impressed with the story. He told Investment and Pensions Europe: "I'm not interested in talking to you, I'm afraid." He did not reply to emails.
More on this story here.
IBM has had problems with its pension scheme both here and in the US. Most recently, a US court told the company to reimburse 140,000 employees and ex-employees whose benefits had been underpaid. ®
Related stories
Court rules for IBM pensioners
IBM pension plan comes under fire
IBM attacked in staff web uprising
Analyst Keynote: The Register Agile Data Center Summit
10 Steps to a Successful CRM Implementation
Market Primer: ERP Systems
What Exchange can't do - and Dell can
Enabling The Agile Data Center
Dirty, dirty PCs: The X-rated picture guide
Top 500 supers - rise of the Linux quad-cores
Early adopters bloodied by Ubuntu's Karmic Koala
Sign up, sign up for The Register IT security newsletter