Loss Of Major Dundee Employers
Unfortunately, since the early 90s, Dundee has seen the loss of many large employers such as Timex, Levi’s, Holo-Krome and NCR to name but a few. Sadly, Michelin is to follow soon.
All these internationally recognised companies had one thing in common – They all provided extremely good occupational pension schemes. Known as defined benefit final salary pension schemes, they provided very specific benefits and guarantees that would have been lost immediately if transferred elsewhere.
Sadly, it is a fact that since the initial Financial Services Act came into play on 29 April 1988, many occupational pension holders have been persuaded by banks and financial advisers that richer returns could be made by transferring away or that in some way, these employer schemes were inferior or likely to provide a sub-standard performance. This can be far from the truth, meaning that retired former pension holders of any of these companies, or their widows, may now be due substantial compensation and even in the event that the initial pension transfers were of relatively low value.