10 - 17 March 2002
on Hursley Retirees Club AGM 2002
Up to a
billion dollars of funds are being transferred out of the C-plan
reserves. This will not improve the benefits of IBM pension plan
members. However, it will improve the balance sheets of IBM US.
(Note: To date
£42.7M have already been transferred)
IBM would never do that?
Is IBM UK's policy on pensions in payment the worst of all companies
To find the
answers read on....
- do you still have
trust and confidence that IBM aims to compete favourably with the
practice of other leading companies on pensions, as you were told it
would before you retired?
The IBM C-Planners' Group was formed to address concerns on how
IBM is managing the pensions of IBM employees in the UK.
We provide this web site as a comprehensive source of information,
for those who wish to know more.
IBM has used the surplus derived from the C-Plan(*) to fund the
M-Plan instead of using it to benefit those members, who in past years
have contributed a proportion of their own salary to this fund.
* Note: Throughout this site we are using the term
'C-Plan' to refer to all the defined benefit pension plans currently and
formerly provided by IBM (for example, N,E,A,B,Q & T Plans).
Explore these pages to:
Message Board to publicise your ideas and thoughts.
IBM claims that the C-Plan and the M-Plan are a single fund
with two sections. We believe because the two plans:
- serve different sets of members
- the contributions are different
- the benefits are different
- they operate under a different set of rules
- they have different expenses
that they should be considered to be separate funds.
IBM has used the surplus from the C-Plan to fund the M-Plan instead
of using it to benefit those members, who in past years contributed a
proportion of their own salary.
IBM has not informed members regarding its intentions. For example,
the Trust Deed governing the C-Plan was amended on 24th February 2000
without the knowledge of C-Plan members.
Situation for more detail.
- Stop the C-Plan surplus being used to fund other pension
- Ensure surplus is used for the benefit of the members who
contributed and not the company or others.
- Ensure any surplus is used for regular annual increases to pension
instead of paternalistic and irregular "at trustees' discretion"
- A retrospective payment to pensioners to bring past increases up
to a level equivalent to an annual RPI increase over the affected
See Aims and Strategy
for more detail.
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