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Monday, 15 October 2012 11:17

IBM has to pay $160 million

Written by Nick Farrell

ibm

Pension related fees

IBM has told Wall Street that it has had to pay $160 million due to a ruling by the high court in London, in a legal dispute over retirement terms at its UK business. Big Blue said that the charges would not affect the company's operating reported results for the third quarter of 2012.

The company has been having a row with its employees over terms of its pensions for ages. The court decided that terms set in 1983 should be modified to allow some current IBM UK employees who are members of a specific plan to retire from the age of 60 instead of 63 without reduction of their defined benefit pension.

IBM said that it was considering an appeal. The company is scheduled to report on its third quarter financial results on Oct 16.


Nick Farrell

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