Major British company bought by a large foreign company. Now in the process of closing the head office [in the UK] and moving its functions to another European country. Will leave only small manufacturing processes in the U.K. Can it now avoid the existing pension commitments.
2007-10-03 05:10:22 · 2 answers · asked by Anonymous in Business & Finance ➔ Corporations
Not if they are based in another EU country.
If they are outside EU, and are willing to loose their UK Business interests, I would guess that, in theory, they could .. (it rather depends on how the take-over was structured and what arrangements they have put in place for the UK pension holders).
2007-10-06 10:23:42 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
If it is part of your existing contract make sure it is part of your new contract. My understanding is they cannot remove the pension rights without your permission
Good luck
2007-10-03 16:48:09 · answer #2 · answered by barneysmommy 6 · 0⤊ 0⤋