IBM United Kingdom Limited provides IT and consulting services. The company offers application innovation, application management, business analytics, business strategy, business continuity and resiliency, data center, integrated communications, IT strategy and architecture, midmarket, and other business services; and mobility, technical support, security, software, workplace, business process outsourcing, IT outsourcing and hosting, asset recovery, hardware financing, IT lifecycle financing, software financing, IT managed, commercial financing, and training and certification services. It also provides business analytics, cloud and smarter infrastructure, IBM software downloads, enterprise c...
PO Box 41
Portsmouth, PO6 3AU
Founded in 1951
High Court in London Issues Ruling Against IBM United Kingdom Limited and IBM United Kingdom Holdings Limited Relating to Retirement Provisions
Oct 12 12
On October 12, 2012, the High Court in London issued a ruling against IBM United Kingdom Limited and IBM United Kingdom Holdings Limited(collectively, IBM UK), both wholly-owned subsidiaries of IBM, in a suit seeking an order modifying certain documents and terms relating to retirement provisions in IBM UK's defined benefit plan (C Plan) dating back to 1983. The Court held that the 1983 Trust Deeds and Rules should be modified to allow certain categories of current IBM UK employees who are members of the C Plan to retire from the age of 60 (rather than from the age of 63) without actuarial reduction of their defined benefit pension. The Court declined to similarly modify the Trust Deeds and Rules for former employees who were C Plan members and who left the company prior to retirement, although the Court stated that it will provide an opportunity for further legal argument on this issue. IBM UK is considering the company's rights of appeal. As a result of the ruling, IBM will record an additional retirement-related obligation of approximately $160 million in the third quarter of 2012, which will negatively impact GAAP income and earnings per share.