New pension fund plan (From Gazette Series)

New pension fund plan

A NEW pension scheme is to be launched at the revamped Lister Petter Ltd in Dursley.

Following the winding-up of the old pension scheme in March around 550 past and present employees found that they would receive as little as ten to 20 percent of what they had been promised.

However, now the company will start afresh with a new scheme, although this will only benefit current employees.

Malcolm Cooper, Amicus representative at Lister Petter, welcomed the news that the new scheme was being set up.

He said: "The employees of Lister Petter have been visited by Clerical Medical and Prudential.

"It will be a simple majority vote by the employees to see which of the two schemes we start up.

"Unfortunately there is nothing that the new company can do about the old pension scheme."

Employees voted on Wednesday to see which scheme will be taken up and it should be started in the near future.

Added Mr Cooper: "We are very pleased that the company has pledged to match the five percent that the employees will put into the new scheme. They are being very decent."

Tomorrow, two coaches will take a large delegation of Lister Petter employees to London for the TUC 'Pay Up for Pensions' rally to highlight the plight of people affected by folding pension schemes.

Union members will walk from Embankment to Trafalgar Square as part of their rally.

Mr Cooper also explained that the £400 million pot that the government has created for people who lose their pensions will not benefit those involved with the Lister Petter problems.

He said: "The Lister pensioners do not qualify for help from the government because it only applies to companies that became insolvent. Lister Petter did not become insolvent."

BLOB Meanwhile, Lister Petter has announced a manufacturing agreement with Wilksch Airmotive as part of a deal for the production of the WAM series of aircraft engines.

The development of a dedicated engine building facility at the Lister Petter site will see increased production of the engines in the second half of the year.

Both companies are said to be "excited" by the new partnership, which is expected to bring substantial opportunities to them and their customers.