UK - Shipping giant Maersk is being urged to abide by the "spirit" of the government's pension reforms and top-up benefits for Sea-Land Pension Plan members.
Sea-Land members who were left out of pocket when Maersk axed their final salary scheme last year have written to the multinational giant asking it to top-up the fund so that pensions can be paid in full.
They hope the government’s proposals which require solvent employers to meet their pension scheme liabilities will prompt the company to alter its decision.
One member of the Sea-Land scheme said that at one stage, they thought the new regulations would be retrospective and that their pensions would be saved. But the department for work and pensions says this is not the case.
A Sea-Land spokesman said members feel the government had a change of heart after the implications were made clear.
He said: “The government then thought, let’s take the easy route and apply this rule to new cases only.”
But he stressed: “If you interpret the spirit of what is intended, how does Maersk feel about where it is now and what is it going to do about it?
“I’ve sent Maersk a letter along similar lines.”
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.