UK - Former Marconi finance director John Mayo has lodged a £1.6m claim against the beleaguered firm for underfunding his pension.
Mayo – who received a £1m severance package in July 2001 – says his scheme assets are £964,000 short of the £2.28m needed to meet benefits.
And Mayo is also asking Marconi to make good a £643,000 tax charge incurred after he requested that his fund be transferred from the firm’s executive pension plan to a separate scheme in September.
A Marconi spokesman said: “John [Mayo] believes that his fund is underfunded and he is asking that the company make that payment, and cover the tax liability as well.”
The spokesman could not confirm whether market falls have played a part in his scheme underfunding but said: “With falling equity values, most funds have been affected and his fund would be no different.”
The claim is currently being reviewed by Marconi’s legal department.
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