Posted by Peter Hill on 21 September 2000 at 11:32:35:
I have today sent the following letter to my MP.
Thursday, 21 September 2000
The Rt. Hon. Oliver Letwin M.P.
House of Commons
London SW1A 0AA
Dear Mr Letwin
I am an IBM United Kingdom retiree and I'm concerned with the transfer of funds from a closed contributory final salary pension plan to a new defined contribution pension plan. IBM's purpose being to allow the company to take further 'contribution holidays' by unfairly diverting members contributions to another plan for a different member group.
In the USA, IBM is receiving very poor press as a result of its callous raiding of its current employees pension funds, here IBM appears to be raiding the future pension increases of all its retirees and most employees with more than 5 years service.
Is IBM "Doing a Maxwell" with the pension fund contributions paid in by former employees and still being paid into by current pre-1997 IBM employees?
I am writing to you to ask if you are aware that a pressure group has been formed to present the case to the ombudsman and the controlling body for pension funds? The Ombudsman has been approached on the following four counts:
1. Use of Fund surplus.
2. Equitable distribution of Fund Surplus
3. Proper discharge of Trustee Duties
4. Trustee Compliance with regulation on disclosures
Further information can be obtained at the web site : gpsu.co.uk/cplan/
I would be grateful if you could lend your support to this issue that is affecting me personally and many more of my fellow IBM retirees, many of who live in Dorset?
Yours sincerely,
Peter T B Hill