Re: C Plan is a 'Contributory Pension'

Posted by Pete Warren on 21 September 2000 at 19:10:56:

In Reply to: Re: C Plan is a 'Contributory Pension' posted by Roger Burtenshaw on 21 September 2000 at 10:10:46:

: My mistake, you are correct with 4% contribution level.

: I don't think that the A/T plans are relevant.
: -Isolated unique funds. not in C Plan pot.
: -Not accessible to IBM.

: However, if current employees require another issue to get concerned with.
: I believe that the A/T plans are with Equitable Life, who have just lost the court case to avoid paying Guaranteed benefits from their With Profits Pension Fund.
: Equitable Life have declared that that they will fund the guaranteed benefits by reducing the annual and terminal bonuses to people with non guarenteed policies. ie our A/T Plans!

: Question, are the Trustees again failing by placing (or leaving) the A/T funds with Equitable Life?

The internal docs that have been distributed recommend that money
is left with Equitable Life because of the penalties that would
be incurred by withdrawing it. No new money is being invested in
Equitable. Members of the scheme were being asked what to do
with contributions, ie not make any or invest in the other company.