In the interim results announcement on 5 November 2009, Cable & Wireless declared an intention to separate C&W Worldwide from the C&W Group.
It’s impossible at this stage to give definitive answers to many of the questions you’ll have regarding the impact of separation because the answers are dependent upon agreements that are yet to be reached. The questions and answers below are to help you understand how a separation could affect you.
Q) What will separation mean for my existing pension arrangements?
The intention is that separation won’t affect the benefits you currently get.
Q) How will the changes affect the security of my pension?
The company has re-stated that the security of your pension benefits is of paramount importance to them, and that they remain absolutely committed to meeting their obligations to the various pension schemes. The pension schemes will continue to be looked after by trustees who are independent from the employers. The schemes are also protected by wide ranging pensions law.
Q) Who's looking after my interests?
The trustee of the Cable and Wireless Superannuation Fund (CWSF) has responsibility for both the Lifetime Benefits Plan (LBP) and the CWSF final salary scheme. Discussions between the trustee and the company are underway as part of the preparation for the proposed separation of the business. The trustee is committed to making sure that your interests remain safeguarded and both parties are committed to working together in a co-operative manner.
Q) When will I get more information?
You’ll be kept up to date as the situation develops. If you have any questions or concerns at this stage please email pensions.team@cw.com
