The Association was formed in 2004 because of concerns at the time about potential threats to the security of our pension fund following the transfer of ownership of the Lucas and Varity businesses to TRW in the USA.
We elected a managing Council to steer the future of the organisation, negotiate and discuss concerns and opportunities with the pension fund Secretary and manage the routine business of an organisation that now has about 3,000 members.
Since then, the situation has much improved with a good relationship being achieved with the ZF Pension Plan Secretary and there have been major changes relating to our pension providers and TRW Automotive Inc has been taken over by Z F Friedrichshafen AG in Germany.
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Why do we need a pensioners' Association?
- We believe that it is still worthwhile to have a strong and well structured Association in place in today’s uncertain world.
- Future global upheavals in stock markets and bond yields, might have an impact on the value of our pension funds.
- To understand the frequent changes in pension legislation, valuation assumptions and the impact of increases in life expectancy.
- To answer members questions, wherever possible, or to steer them in the appropriate direction.
- We need to maintain an organisation to assess changing situations and have the strength to try and influence future events.
- To help any past employees of Lucas and TRW keep in touch and share experiences.