Former SCC employees outsourced to Liberata to lose Pensions

[Titanic99 10]

Apologies for the title, but we are restricted to the number of values we can enter and if any MOD can consider a more appropriate title then feel free to amend it.

 

A bit of history about this for people who aren’t aware of it.

 

During the mid to late 90’s Sheffield City Council outsourced quite a large number of services to CSL who were later taken over by Liberata.

 

As part of the selection process the successful bidder had to provide evidence to SCC that their Pension scheme could meet that of the existing Local Government scheme and like many others my job and Pension was transferred over to them (despite strong resistance and promises from the Libdems that they wouldn’t agree to it).

 

I’ve now left this employer, but recently I was dismayed to discover that my Pension is now under threat as Liberata can no longer continue to fund the scheme and stay in business and that the scheme is being referred to the Pension Protection Fund for an assessment period.

 

As I’m out of the loop on this, I wondered if anyone still involved with them could shed some more light on what is happening and how they seem to have got themselves into this mess.

 

Surely the Pension Fund is/should be completely separate to the running of the business.

 

http://www.liberatapensionplan.co.uk/_media/documents/87/Liberata_member_announcement_Jan_2011_Final.pdf

[andyofborg 11]

Surely the Pension Fund is/should be completely separate to the running of the business.

 

it is, however with people living longer and investment returns falling means that any shortfall has to be made up by the company, which usually involves rather a lot of money,

 

if the company is viable and the shortfall not too large then it may be possible for a company to address the shortfall with a suitable long term plan.

 

many companies took pension holidays or paid vastly reduced amounts in the 80s when investment returns were high the consequences of which are now becoming apparent.

 

and of course, we shouldn't forget the changes introduced by the last government has had a major impact on pension fund viability.

[strangerthe6 10]

Anyone in Liberata pension scheme who is not yet 65 or 60 in some cases is basically losing 10% of their accrued pension as PPF ( Pension Protection Fund ) only guarantees 90%. Many transferred their Local Govt pension in to this so are facing quite a substantial loss

[strangerthe6 10]

All Liberata pensions for anyone under 65 have now been reduced by 10%. Also anyone with a "frozen" pension with them won't now be able to receive it until they reach 65. Reduced by 10%

[LeMaquis 10]

I thought that under TUPE, employees couldn't be worse off as a result of a tansfer of employment. This should be taken up by the relevant trades unions which should be the same as those who recruit SCC staff.

[Bludragonfly 10]

I thought that under TUPE, employees couldn't be worse off as a result of a tansfer of employment. This should be taken up by the relevant trades unions which should be the same as those who recruit SCC staff.

 

TUPE only applies at the date of transfer

[RosyRat 10]

Are you in Unison? They are in negotiations this week with Labour cabinet members over this very issue.

[strangerthe6 10]

Just received correspondence from Liberata Pension plan administrators AON Hewitt. They are trying to contact certain members. OP needs to contact them. Phone number is on attachment on original post.

[floyd77 10]

All Liberata pensions for anyone under 65 have now been reduced by 10%. Also anyone with a "frozen" pension with them won't now be able to receive it until they reach 65. Reduced by 10%

 

Why do you think this? As a member of said pension scheme, and attendee of all the meetings relating to it, i know this to not be the case.

[strangerthe6 10]

Mine and all others I know have had pension reduced by 10%. I believe if you are were 60 or over and already receiving it you are not affected. A friend of mine expecting his pension at 60, which he is now, has been told he can't now receive it until 65 presumably because it's now under PPF. If you have other info please post as my friend was depending on this.

[strangerthe6 10]

(Why do you think this? As a member of said pension scheme, and attendee of all the meetings relating to it, i know this to not be the case. )

 

See below

 

 

http://www.liberatapensionplan.co.uk...2011_Final.pdf

[deadheadfred 10]

Mine and all others I know have had pension reduced by 10%.

 

Absolutely correct.

 

The Liberata Pension Plan has gone into administration. The plan has entered into an assessment period for PPF. 90% is the best case scenario, which will only happen if the PPF accepts the scheme. If the scheme is not accepted, I understand that contributions will be paid into a personal annuity scheme.