Feeds

IBM UK mulls pension cutbacks

The C-plan diet

  • alert
  • submit to reddit

Top three mobile application threats

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

3 Big data security analytics techniques

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.