• From The BBC:

    Computer giant IBM is consulting on the closure of its final-salary pension scheme to current members of its UK and Republic of Ireland workforce.More than a quarter of IBM’s 20,000 UK staff will be affected. The scheme closed to new members a few years ago. In an e-mail to staff, IBM’s UK and Ireland general manager Brendon Riley said the plans were caused by rapidly-rising costs and liabilities. The scheme was putting pressure on the firm’s competitiveness, he added. Rising costsMr Riley said he understood the plans to end the final-salary or defined-benefit pension scheme would be “sensitive and difficult for many”, but were responsible and necessary to ensure IBM UK’s future industry leadership.
    His e-mail read: “For IBM UK also, the rapidly-rising costs and liabilities associated with the provision of defined benefit pensions is placing pressure on our long-term ability to invest for future growth and operate in an intensely competitive global market.” IBM said staff would be con…

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    Posted by Jon @ 8:23 pm

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