Welcome to www.ipig2009.org.uk - The website of the IBM Pension Interest Group
This website is access controlled for members of the IBM United Kingdom Ltd Pension plans who have been severely impacted by changes to the pension plan announced by the company in July 2009.
Members of the press can contact the IBM Pension Interest Group (IPIG) by emailing press@ipig2009.org.uk.
13 January 2010:
- Private Members debate on IBM Pension Plan, view replay by clicking here.
- A transcript of the debate can be found in Hansard (complete document), pages 110 - 115.
25 February 2010:
Recent stories of interest:
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Redundancy on top of Forced Early Retirement? - The Register 11 February 2010
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Fears grow for IBM jobs at Greenock despite 8.7% rise in profits - Scotland on Sunday 14 February 2010
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Staff fears over job cuts plan - Greenock Telegraph 16 February 2010
28 April 2010:
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IBM crowd sourcing could see employed workforce shrink by three quarters - Personnel Today 23 April 2010
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Friday podcast; How HR dealt with volcano chaos and future workforce plans from IBM - Personnel Today 23 April 2010
29 April 2010:
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IBM denies report of planned 299,000 job cuts - wral.com 27 April 2010
3 August 2010 - Portsmouth News - Staff in legal fight over pension plan changes at IBM
Submitted by nopensionmoney on Tue, 03/08/2010 - 19:23http://www.portsmouth.co.uk/newshome/Staff-in-legal-fight-over.6453529.jp
They believe they were forced into taking early retirement by the firm, which has its UK headquarters in North Harbour in Portsmouth.
They claim new pension arrangements imposed by the company left them no choice but to leave - because otherwise they would have lost thousands each year from their pension pots.
If the claimants succeed in getting compensation, the total bill could easily run into millions of pounds.
Segensworth-based law firm Now Legal is handling the mass claim.
Solicitor Teja Bains said: 'Many of the claimants are extremely bitter about the way they have been treated by IBM after so many years of loyal service.
'Many had been with the company for all or most of their working life.
'Being effectively forced into early retirement in their 50s came as a great shock and will have had a very significant financial impact on most of the claimants.'
In February and April The News reported how the company was in the midst of a redundancy drive in a bid to move many of its UK jobs to cheaper countries.
Ex-staff allege the change to their pensions was designed to force as many workers as possible to retire early from the company, so IBM could avoid redundancy payments
Mr Bains added: 'They inevitably have suspicions that they were 'managed out of the business' in a way that avoided redundancy payments.'
He said the changes disproportionately affected older workers. That is why they are claiming age discrimination as well as unfair dismissal.
The company said in a statement: 'Throughout the process of changes to IBM defined benefit pension plans - and the introduction of a new early retirement programme - IBM has consulted with relevant employees and complied with all legal requirements.
'Claimants left IBM of their own volition, on favourable early retirement terms. Thus, we will contest these actions, which are without merit.'
15 June 2010 - IBM Investor Briefing
Submitted by IPIG1 on Tue, 15/06/2010 - 16:04Clearly the pension action in the UK was such a success (from the corporate perspective) that action on pension is a significant part of the corporations plan to increase earnings per share (EPS) from $10.01 to at least $11.20 (12% increase) in 2010.
Have a look at the Sam Palmisano (page 8) and Mark Loughridge (pages 15 - 17) presentations which can be found HERE
It might not just be defined benefit plans that are at risk, the drive to deliver increased EPS appears to be at any cost.
