Visteon campaigners will descend on parliament on Tuesday to mark the second anniversary of the firm's demise and put pressure on former employer Ford over pensions.
More than 150 former workers from the Belfast, Basildon, Enfield and Swansea plants will join the protest against broken pension promises they claim were made by Ford when they transferred to the Visteon scheme (PP Online, 02 March 2010).
The claims relate to advice given when Visteon was spun of from parent company Ford in 2000 and are currently the subject of legal action taken against Ford by the Unite union (PP Online13 January).
The protesters claim that members were given guarantees that safeguards were in place in the event of Visteon UK going bust but the scheme transferred to the Pension Protection Fund with a deficit of £350m after the collapse of the car part manufacturer in 2009.
Tuesdays protest will coincide with a meeting between Ford and concerned MPs to address issues raised when campaigners met with MPs in January (PP Online, 5 January).
A small group of protesters will also present a request to Number 10 for a select committee to be set up to consider the wider issues involved in the case.
The protest is organised by the Visteon Pension Action Group and the Unite union, whose national officer Roger Maddison will speak at the rally outside parliament.
VPAG represents 3,400 members of the fund and is committed to restoring their pensions to the levels they could have expected had they remained in the Ford scheme.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).