Image by Peggy and Marco Lachmann-Anke in Dortmund, Germany via Pixabay.com
On August 4th, 2017, The Register published an article entitled, "UK IBMers lose crucial battle in pension row." This is a similar situation to what the U.S employees experienced with the conversion of their defined benefit pension plan to a cash balance plan. In 1999, IBM's executive leadership field tested cutting pensions in the United States. The U.S. justice system gave them what they wanted—a bye. They fine-tuned the plan and rolled it out in the United Kingdom in 2009—and now, another bye from the UK justice system. IBM has used the same logic to shutter the UK pension scheme that they used to close the U.S. pension plan: competitiveness and to "achieve sustainable progress against its productivity objective."