UK - Former employees of the £140m McDermott UK pension scheme have won an ongoing battle for a greater share of the scheme's £30m surplus.
The international oil giant – which is no longer in business in the UK – had planned to give members 35% of the final salary scheme’s surplus for improvement of benefits.
But after a three-year battle with the company’s US-parent, members will now get 48% of the surplus.
An Amicus union spokesman said the dispute was fought on the principle that the company had not run the scheme properly.
“There were some issues about transferring powers of amendment from the trustees to the employers.”
The agreement reached by trustees, scheme members and the company will now be subject to legal ratification.
David Stewart MP and Scottish Secretary Helen Liddell were also involved in the talks.
The scheme, which was wound up in 1999, has 500 pensioners and 1200 deferred members.
In 2002, British Airways Pension Scheme members successfully appealed a High Court decision that trustees of the scheme could spend a £1.2bn surplus whichever way they wanted.
Members wanted the money to be used to enhance pension benefits.
The Marks and Spencer Pension Scheme has completed buy-in deals worth £1.4bn with two insurers, mirroring similar transactions last year.
There have now been a total of 47 buy-in and buyout deals of over £500m announced since 2007. The full list, provided courtesy of LCP, is as follows...
It may be time to create variations of limited liability, but each alternative has its own problems, Con Keating argues.
A former energy and climate change secretary has said that by continuing to invest in fossil fuel firms, pension schemes are just making the climate change crisis even worse.