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Information
to be obtained from Sources such as CAWPA; Pension Scheme Trustees; Cable & Wireless Communications
and Pensioners themselves
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Cable & Wireless Superannuation
Fund (CWSF)
The Management of CWSF and How
it has Evolved
Assets of CWSF are Transferred to The
Prudential
The website ‘Thisismoney’co.uk’ reported on 3 September
2008 that Prudential, today effectively took over £1bn of Cable&Wireless
company pensions in a move affecting 5000 pensioners and adding to
speculation of a bid for the telecoms group. Some £7.5bn of such deals
have been completed in the last eleven months.
Under the deal, the Pru will take on responsibility for one of the C&W
schemes for the life of the remainder of the fund, the Cable & Wireless
Superannuation Fund. 'The buy-in materially reduces the fund's and
shareholders' exposure to the future risk of adverse changes in
actuarial assumptions and investment returns,' said C&W. For the Pru,
the bulk annuity deal will generate annual premiums of about £100m.
The Prudential today effectively took over £1bn of Cable&Wireless
company pensions in a move affecting 5000 pensioners and adding to
speculation of a bid for the telecoms group. Shares in C&W gained 3.2p
to 182.3p as investors took the view that one of the biggest obstacles
to a takeover had now been effectively removed. It is the first such
buy-in by a pension company to top £1bn.
Cable & Wireless Becomes Two Separate Companies
Our original Cable and Wireless Company has gone through some
significant changes in recent years and no longer exists in its original
form.
Cable & Wireless was split into two companies Cable & Wireless Worldwide
and Cable & Wireless Communications and the Cable and Wireless Pension
fund was also split to reflect the companies split.
Cable & Wireless Worldwide was taken over by Vodaphone who I believe,
were then responsible for C&W Worldwide Pension fund.
Cable & Wireless Comms continued to operate as an independent company
and their pension fund continued to be the responsibility of Cable and
Wireless Pension Trustee Ltd UK and administered in house by the
Pensions Team at Bletchley Park. Cable and Wireless Pension Trustee
Limited is a “Corporate Trustee”. The Directors of the Trustee Company
have the same responsibilities as an individual trustee in relation to
the Fund.
When the company based itself in Florida USA., the number of UK
employees was reduced and the in-house administration came to an end.
Premier Appointed as Aministrators of CWSF
The Cable & Wireless Communications Pension Trustee Ltd remained
responsible for Cable & Wireless Communications UK Pensions and
subsequently they appointed Premier Pensions Management Ltd to
administer Cable & Wireless Superannuation Fund with effect from 1st
June 2016. Finally the American Company Liberty Global acquired Cable
&Wireless Communications and that was the end of another great British
company. Liberty Global did not take on any responsibility for the CWSF
which remains with the Trustees and Premier.
Pension Enquiries
Please contact Premier if you have any questions about your benefits
or if you would like to request a quotation.
Please remember to quote your membership reference whenever you contact
Premier. This starts with CWSF and is followed by a six-digit number;
you can find this reference on your welcome letter from Premier.
For any out-of-hours enquiries, you can either send a message using the
form below or you can leave us a voicemail message by calling the
helpline. Please allow up to two working days for a response.
Premier Website https://cwcpensions.com
If your enquiry is urgent, we recommend you call the helpline during
standard office opening hours to speak to a member of the team.
Monday – Friday
8.30am – 5.30pm
Saturday & Sunday
Closed
English Bank Holidays
Closed
Christmas Day & New Year’s Eve.
Posted March 2017 Any comments or corrections to Bill Rees
wm.rees@icloud.com
Ends
Protection of Cable and Wireless
Superannuation Fund
A
member has expressed her concern about Protection of the Pension Fund
following the takeover of C& W Comms by Liberty Global .See
correspondence
Posted May
2016
Goodbye Peter!
Peter Hampton has devoted the last 37 years to looking after the various
pension schemes for Cable & Wireless, in its many incarnations. There
are lots of things that Peter’s helped us with over this time. There are
the big things you’ll remember, such as the incarnation of the CWSF No 3
scheme in 1986, the Lifetime Benefits Plan in 1998 and then the
splitting of the pension scheme in 2010 following the demerger. There
have been many more that you may not have had visibility of, but all
have helped with the smooth running of the schemes over his tenure. Now,
after all this time of managing other people’s pensions, Peter’s decided
to concentrate on his own and join the ranks of the retired in December
this year. After this time, the Bletchley office will continue to be
managed by the existing team in the way that you’re used to. I’m sure
you’ll join us in thanking Peter for steering a steady ship for us, and
wish him all the best for his retirement.Cable & Wireless
Source: The pensions Team October 2015
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