This is a particular issue for Ayrshire. As my hon. Friend the Member for Ayr, Carrick and Cumnock (Corri Wilson) pointed out, a large Digital site there got taken over by Compaq and then by Hewlett Packard. The problem is that this is not like the BHS scenario—it is not that the company has ceased to exist. The company does exist, but it is choosing not to upgrade these people’s pensions. As was mentioned, under HP, in 15 years, those people have had a miserly two upgrades of their pre-1997 contributions. The problem with that is that their buying power is almost cut in half—as was mentioned, they have lost £24,000 each….

#hewlettpackard #pensionschemes

Full transcript – Digital Equipment Ltd: Pension Scheme – Hansard – UK Parliament