Hampshire MPs challenge IBM on retirement plans (Eastleigh Liberal Democrats)

Eastleigh Liberal Democrats <enquiries@eastleighlibdems.org.uk>

Hampshire MPs challenge IBM on retirement plans

January 4, 2010 11:19 AM

Three South Hampshire MPs have joined forces to press a parliamentary motion calling on IBM to protect the pension benefits of its employees.

The move from Eastleigh MP Chris Huhne, Romsey MP Sandra Gidley and Winchester MP Mark Oaten comes after mounting concern by IBM employees at Hursley.

Despite announcing record profits in 2008, IBM recently announced that they are intending to close their final salary pension scheme in March 2010 to existing members, and that they are changing the rules on early retirement. These changes are likely to have a devastating impact upon employees' retirement plans.

Commenting, Chris Huhne MP said:

"Despite a positive meeting with IBM UK's Chief Executive in October, many employees still, rightly, have concerns over the proposals.

"This Early Day Motion calls on IBM to fully consider these legitimate concerns before finalising their proposals. IBM should take note, as this motion has now attracted the support of 92 MPs from across the country.

"Hardworking and loyal IBM staff in Hampshire and around the country deserve to be treated fairly, and to be able to plan for their retirement with certainty. IBM needs to act now to ensure that this is the case."

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