Amicus takes the pension fight to Europe

Manufacturing News, Source : TheManufacturer.com
Published : 29 Sep 2004 14:04

Amicus is demonstrating in Germany to highlight the plight of 350 former workers of Felix Schoeller who stand to lose as much as 60 per cent of their pension.

Felix Schoeller, a German multi national paper producer, announced it was to close its UK plant, based in High Wycombe and switch the business to its German plants. The closure has left 350 UK workers facing pension losses of up to 60 per cent.

FS has maintained that the scheme was funded on an MFR basis at 100 per cent solvency. FS ceased making contributions to the pension scheme 11 months before the company closed and crucially only days before the next triennial review.

FS went into members' voluntary liquidation and transferred the pension scheme to a subsidiary with limited assets, insufficient to meet the liabilities. FS continues to leave the pension fund with a £12.5 million deficit.

The paper that is now being produced at the German plants is now exported from Germany through Felixstowe to its UK customers.

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