UK - Rolls Royce Pension Fund could face legal action by a group of pensioners who claim the scheme has stopped virtually all communication with them.
The Coventry and District Association of Rolls Royce Pension Fund Members, which is taking legal and professional advice, says the Roll Royce Aero Engineering pension fund has only recently agreed to resume issuing annual statements.
Pensioners are concerned at reports that Rolls Royce’s pension funds, which are valued at £4.2bn, face a combined deficit of £1bn.
Association chairman Tom Goodall said: “I was made redundant in 1993 and the only information I have had from it was the statement on what the rise would be for the following year. It stopped communicating altogether in 1999.”
With 70.5% of the scheme’s members no longer employed by the company, the association is calling for representation on the board of trustees. It also wants a change to the laws that govern the issue of pensioner representation on fund boards.
Goodall said: “We want to sit down with the company and discuss the problems we are having with the pension fund to try to get it back on an even keel. We want to know what their contingency plan is. We have a vested interest in the fund.”
The company did not send representation to the last association meeting, but an apology was received from the chairman of the trustees Lord Moore.
A spokesman for Rolls Royce said the points raised by the pension fund members would be answered as soon as possible.
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