The current issues are summarised well in the documents posted on this website. I hope, for all our sakes, that the action with the Pensions Ombudsman is successful.
Most of the users of this site are retirees, many of whom presumably left under the generous early retirement packages that IBM offered in previous years.
Since that time, the following events have occurred that affect current employees' future pensions:
1) Variable Pay. Introduced in the mid-1990s, it has grown to an average of 10%, non-pensionable. Pay scales have been 'adjusted' to assume a 10% VP payment, meaning we have had our pensionable pay cut by 10%.
2) Changes to the early retirement package. From 1 month's pay per year of service plus a generous pension top-up in some cases, it has been reduced in stages to 2 weeks pay per year of service and minimal pension top-up.
3) Equitable Life. All employees contributing to the C Plan AVC scheme have been affected to some extent by this scandal, again reducing final pension.
Bearing these points in mind, I think those who retired in earlier years may be better off than they imagine!