Axe for IBM's final salary scheme; yourmoney: : PENSIONS.Byline: CLINTON Clinton. 1 Town (1990 pop. 12,767), Middlesex co., S Conn., on Long Island Sound; settled 1663, set off from Killingworth and inc. 1838. The school that later became Yale opened here in 1702. MANNING COMPUTER giant IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) is planning to close its final salary pension fund, leaving 5,000 UK workers out of pocket. The US company blamed the spiralling cost of providing pensions linked to workers' earnings as people live longer. An email to staff from UK general manager Brendon Brendon is a village in Devon in the United Kingdom, close to the border with Somerset. Its population was 159 in 2001.
A growing number of firms are switching workers from final-salary schemes to cheaper alternatives. Peter Skyte, national officer for Unite, called it a "kick in the teeth" for staff who helped rebuild IBM when it was in difficulty a few years ago. |
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