In Reply to: Re: Questions for the Trustees posted by Dave Mitchell on 02 February 2006 at 23:31:58:
Dave, thanks for taking the trouble to respond to the many messages and questions.
My question is, when IBM management said in MIL 855 and elsewhere:
"Q5 Once money is in the fund, can IBM remove it to use in the business?
A No. The fund is managed on behalf of the members by IBM United Kingdom Pensions Trust Ltd, which is required by the Trust Deed and Trust Law to administer the fund for the benefit of the pension plan members. The Deed stipulates that, once money has been put into the fund by IBM, it cannot subsequently be removed, other than for payment of benefits to members."
....... wasn't this answer in the Q&A contractual and didn't IBM breach this subsequently?
Also, reading through the various archives I cannot find in any of the C Plan documentation where increases are spelt out. Can you point me to it please? F
inally, have I misunderstood, is the capping on RPI newly introduced and not a part of the previous arrangements ie were we expecting 70% of uncapped RPI compared with 60% of capped RPI now?
GG