Proposal to close Final Salary scheme for current staff
15 May 2009
Fujitsu have started consultation about proposals to close the ICL Group Pension Plan (Final Salary section) to future accrual. This does not affect those with pensions in payment, or deferred pensioners.
ICL pensioners will be aware from the Trustee’s annual Summary Funding Statements that the Plan has, for several years now, had a significant funding deficit. The Plan is currently going through its three-yearly funding valuation with an effective date of 31 March 2009. It is likely that the valuation will indicate that the deficit position will have worsened to over £1 billion.
The company closed the Plan to new joiners in 2000, and now has started consultation to close the final salary scheme to existing staff as well.
Consultation has started with the ICL Pension Members Committee (IPMC), with a meeting on 15th May 2009 with IPMC employee representatives, and with Unite. The IPMC employee representatives are themselves active members of the final salary section of the Plan and have been elected. A letter has also been sent to all employees who are members of the Plan.
Current and deferred pensioners are not directly affected. This proposal does not affect pensions already in payment. More information for pensioners will be published in the members area of this website in due course – along with a further news item on the home page.
The IPMC Pensioner representatives will not be directly involved in the consultation process, but have been briefed and you may contact them for queries.
