UK - NAPF CONFERENCE: Members of the United Engineering Forgings scheme picketed delegates as they arrived at the NAPF conference yesterday.
Protesters handed out leaflets detailing what they claim is the “scandal” of how UEF members had their pensions slashed after Prudential Portfolio Management Ventures took the engineering firm into administration to deliberately avoid having to fund the scheme.
One angry scheme member Willie Riggans said: “Somebody should ‘Saddam the Pru’.
“PPMV and the management trustees say what they have done is legal, but that does not make it morally right. They have ruined our scheme and now Prudential is washing its hands and not doing what is morally right for 1300 families.”
Prudential explained its venture capital arm PPMV was only one of a consortium of investors in UEF – which was taken into administration by its directors and not PPMV in summer 2001.
UEF’s administrators then proceeded to close the scheme – containing a £12m shortfall and thousands of angry members looking for compensation.
A Prudential spokeswoman argued that making up any shortfall on the UEF scheme would be unfair on other clients – many of whom are pension funds.
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