CLOSURE OF IBM'S FINAL SALARY PENSION SCHEME

That this House expresses concern that IBM, a company which achieved record profits in 2008, with substantial revenues and cash reserves and which employs around 18,000 staff in the United Kingdom, is proposing changes to its final salary pension scheme that will see it closed to existing employees for future accrual after March 2010; notes that IBM are to implement an early retirement policy which will change the terms and restrict the circumstances in which the company will give its consent to early retirement; believes that this will have a devastating impact on future pensions; and calls on IBM management to address the genuine concerns of loyal and hard-working employees and to protect their pension benefits.