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Here is a note (dated 16.03.2001) from Peter Rees to the IBM Customer Response Centre on Pensions. It has answers to Peter's queries in blue from David Newman, Pensions Trust Manager (reply dated 03.04.2001). What do you think? Does it clarify the picture?
To: UK Ireland General Enquiries/UK/IBM@IBMGB
I have recently been told that IBM UK has transferred or is planning to transfer a huge sum of money out of the C plan fund which I contributed to and which I expect to use my contribution for the purpose for which I gave it. I have 3 questions: Is this true?
No. There is only one fund, which supports a number of
different sections of the IBM Main Pension Plan. These sections include the
C plan, N Plan, M Plan...........
What is true however, is that the IBM Company has not made any
contributions to the M plan ( a new Defined Contribution section of the
Main Plan introduced in 1997), as these have been funded out of the overall
surplus.
This is no different to the contributions holiday that the Company has
taken in relation to the C plan, N Plan,....
since 1997.
Your pension entitlements have not, and will not, been affected by any of
the above.
The Company has not, and will not, remove any money from the fund.
What are the exact details of this funds transfer? Why have I heard about it from an outside source and not IBM or its pension trustees who are supposed to look after my interests?
You have not heard about from either the IBM Company or the Pension Fund
Trustee, as there is nothing to hear about!
Your benefits are unaffected. In any event, the fact that the Company has
taken a holiday since 1997 in respect of all sections of the main plan has
been explicitly noted in both the Annual Members Report and the Annual
Report & Accounts in all years since 1997.
Hope this helps.
Peter Rees
David Newman
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