• Home
  • Admin/Tech
  • Benefits
  • Buzz
  • DB
  • DC
  • Diversity
  • Investment
  • Law & regulation
  • Risk reduction
  • Events
  • Pensions Library
  • PPTV
  • Newsletters
  • Sign in
  • Events
    • Upcoming events
      event logo
      Pensions Aspects Live

      For over forty years, the Pensions Management Institute has provided its members and wider society with information and insight, regarding pensions and employee benefits through its regular events, seminars and our member magazine.

      • Date: 19 Apr 2018
      • County Hall, London, London
      event logo
      PMI Annual Dinner

      The PMI Annual Dinner has been a part of the PMI calendar for as long as can be remembered, and it still proves to be one of the most entertaining pensions events of the year.

      • Date: 19 Apr 2018
      • County Hall, London, London
      event logo
      Defined Contribution Conference 2018

      This exclusive one day conference will provide a comprehensive overview of the evolving DC landscape, and examine how Trustees and Pension Scheme Managers can overcome the challenges they face

      • Date: 25 Apr 2018
      • The Bloomsbury Hotel, 16-22 Great Russell St, London WC1B 3NN, London
      event logo
      Investment Conference 2018

      Professional Pensions Investment Conference has gathered a great following and is a widely respected event which brings together senior decision makers within public and private sector pension schemes.

      • Date: 16 May 2018
      • Grand Connaught Rooms, London
      View all events
      Follow our Professional Pension Events

      Sign up to receive email alerts about our events

      Sign up
  • Pensions Library
    • Latest white papers
      Emerging-market debt: Our outlook for 2018 - and beyond

      Emerging-market (EM) bonds delivered strong returns in 2017, and we think the sector has more potential in 2018. From Sao Paulo to Shanghai, improving economic fundamentals and smarter policies are leading to healthier economies. Even so, global economic and geopolitical risks abound, making it more important than ever for investors to be selective.

      Download
      Ten questions to help trustees to challenge their advisers
      The trustee role can be viewed as similar to that of a non-executive director; they are expected to make decisions on a range of topics. 
      The challenge here is that trustees are unlikely to reach a stage where they are as knowledgeable on every topic as the advisers who are presenting them with recommendations.
      Download
      Find whitepapers
      Search by title or subject area
      View all whitepapers
  • Sign in
    •  

      You are currently accessing ProfessionalPensions via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0) 1858 438800

      Email: [email protected]

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • RSS
    • Twitter
    • Newsletters
  • Register
  • Subscribe
Professional Pensions
Professional Pensions
  • Home
  • Admin/Tech
  • Benefits
  • Buzz
  • DB
  • DC
  • Diversity
  • Investment
  • Law & regulation
  • Risk reduction
  •  

    You are currently accessing ProfessionalPensions via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0) 1858 438800

    Email: [email protected]

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Professional Pensions
  • Defined Benefit

Unite challenges Ford over collapsed Visteon scheme

visteon
  • Jack Jones
  • 13 January 2011
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
0 Comments

Unite will start a legal challenge against Ford this week over alleged mis-selling of pensions to former employees who transferred to the collapsed Visteon Pension Scheme.

Unite national officer Roger Maddison believes the car giant “has blood on its hands” after some long serving staff members lost up to 60% of their pension when Visteon – a spin off from Ford – collapsed in 2000.

The legal action could affect up to 3,000 people who, the union claims, received negligent advice when Visteon took over Ford’s component plants.

Related articles

  • RSA report reignites debate over flat-rate tax relief reform
  • Pension freedoms could add £25bn to accounting costs
  • Stephen Mangen to host UK Pensions Awards 2018
  • Pension funds could make 'greatest contribution' towards tackling climate change
  • High Court rules no limitation period on recovering pension overpayments

The union claims that, although pension advice was given by Visteon, it was cleared by Ford’s pensions department. Documents handed to employees included guarantees of safeguards in the event of Visteon UK going bust, however, the company collapsed in 2009 when the scheme had a deficit of £350m.

Maddison told PP: “The case against Visteon UK would have been extremely strong, but Ford was complicit. We have been advised by our barristers that we have a good case, and would not take on something this expensive if we did not think we could win.”

However, he warned the legal action would be a lengthy, difficult fight.

Ford corporate affairs manager Brian Bennett said Visteon set up its own pension fund which was fully funded at the time of the spin off. And assets were transferred to the Visteon scheme in accordance with an independent actuarial assessment.

He added: “All transferring employees did so under the 2000 agreement drawn-up and agreed with the unions.”

He insisted all transferring employees were kept informed of their options and told to take independent financial advice.

Bennett said the situation was “regrettable” but insisted that Ford’s obligations to its former employees were fully discharged.

South Basildon and East Thurrock MP Stephen Metcalfe, whose constituents have been affected, has promised to raise the issue with work and pensions secretary Iain Duncan Smith and push for a select committee investigation.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Defined Benefit
  • Unite
  • Visteon

Latest stories

John Wilson, JLT Employee Benefits
RSA report reignites debate over flat-rate tax relief reform

The Royal Society of Arts (RSA) has reignited the debate on the introduction of flat-rate pensions tax relief - saying a 30% flat rate would be progressive, cost-neutral and leave three-quarters of earners better off.

  • Law and Regulation
  • 18 April 2018
Latest issue - 19 April

This week's edition of Professional Pensions is out now

  • Industry
  • 18 April 2018
Pension freedoms could add £25bn to accounting costs

Pension freedoms could add £25bn to the accounting costs of UK companies if no action is taken, a Xafinity Punter Southall study reveals.

  • Defined Benefit
  • 18 April 2018
Stephen Mangen
Stephen Mangen to host UK Pensions Awards 2018

Top actor and comedian Stephen Mangen will present the UK Pensions Awards 2018, supported by the ACM Gospel Choir.

  • Industry
  • 18 April 2018
Back to Top

Most read

The High Court
High Court rules no limitation period on recovering pension overpayments
RBS agrees to pay up to £3.5bn to shore up pension fund
Stephen Mangen
Stephen Mangen to host UK Pensions Awards 2018
Pension freedoms could add £25bn to accounting costs
Pension funds could make 'greatest contribution' towards tackling climate change
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Privacy and Cookie policy
  • RSS
  • Twitter
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017