UK - Members of the Nikko Europe Pension Fund are calling on the government to make its wind-up safeguards retrospective.
Last year’s June 11 Action Plan requires solvent companies to meet their pension obligations when they put a scheme into wind up. But Nikko
Europe fund members – who stand to lose up to 59% of their benefits – say they are not protected because the scheme went into “member voluntary liquidation” in December 2001.
Nikko Europe employed 450 people at its peak.
Scheme members have appealed to regulators in both Japan and London to take action to restore their benefits.
But Independent Pension Trustee, which is dealing with the wind up, said nobody had lost out yet and that it expected the company to respond, once the funding position had been established.
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