Chloride Group PLC - Statement re Press Comment
November 16 1998 - 3:25AM
UK Regulatory
RNS No 6811f
CHLORIDE GROUP PLC
16th November 1998
CHLORIDE GROUP PLC
STATEMENT ON PENSIONS OMBUDSMAN'S DETERMINATION
Chloride Group PLC ("the Company") has noted press comment over the weekend
concerning the determination by the Pensions Ombudsman of complaints with
regard to the winding up of the Chloride (UK) Pension Scheme ("the Scheme")
as at 1st September 1996.
Commenting on the determination, David Wright, the Company Director with
responsibility for pensions said:
"The key objective of the winding up was to ensure the long term security of
the benefits of the Scheme's members. This objective was achieved and
additionally the arrangements made in 1996 gave members significant
improvements over their previous entitlements. We are pleased that the
Ombudsman has definitively dismissed the complaints made."
In order to achieve the long term security of the benefits of the members of
the Scheme, a substantial part of the assets and obligations of the Scheme were
transferred to Legal and General, with the agreement of The Law Debenture
Trust Corporation plc, the independent trustee of the Scheme.
Additionally, the benefits of approximately 5,300 pensioners and 1,500
deferred pensioners were improved by guaranteeing that future pensions
increases would be fully in line with inflation. Benefits were further
improved in connection with the definition of pensionable earnings and
early retirement reduction factors. The cost of these improvements was
approximately #20 million. A refund of the remaining surplus was made to the
Company in February 1997 amounting to #18 million and tax amounting to
#12 million was paid to the Inland Revenue.
Four individuals subsequently made a complaint to the Pensions Ombudsman. In
his determination, no complaints against either the Company or the trustee
were upheld.
Enquiries:
Andrew Hayes, Hudson Sandler Limited
Tel: 0171 796 4133
END
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