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From Ibmukpensions

IBM UK pension plan proposals 2009

IBM in the UK is proposing to close the final salary pension scheme for future service, and restrict the circumstances in which consent will be given to early retirement on current terms.
The effect of this for many is to claw back thousands of pounds of already earned pension in cases where people were planning to retire early. To retain their current pension rights affected members will have to work until 63 or later and contribute large portions of their salary to make up the losses.
IBM has offered the minimum by law of a 60 day consultation period, starting over the main UK holiday period when most people will be away on holiday.
IBM is a highly profitable company with substantial revenues and cash reserves, and can well afford to keep the existing scheme open, or offer terms that protects already earned pensions, but instead is seeking to boost profits for shareholders and bonuses for senior executives at the expense of its most loyal workforce.
Since the announcement, hundreds of IBM'ers have joined the Unite union, not only to tackle this pensions problem, but the increasingly severe management practices of forcing out employees who are not prepared to work long un-contracted hours, or meet arbitrary and hidden targets in the workplace.
IBM has offered affected members the option of retiring before April 2010, subject to IBM's approval. This is a form of redundancy on the cheap - there are no redundancy payments. It will personally impact the life-plans of people who had not planned or cannot afford to retire yet, and for those who are not granted approval to leave will force them to work many more years than they had planned with severely reduced take home pay.