Eastman Kodak is in trouble, there is no disputing this fact. Kodak Limited is the UK entity, and has its pension funded by How does this affect employees, and ex employees when considering pension benefits which are of increasing concern.
Many Kodak pensions are 'final salary', giving members a fixed percentage of their final salary whilst working at the company with an inflation linked increase. This is extemely expensive for the company to run.
For members of the pension scheme who are no longer UK resident a QROP transfer of their pension benefits may be worth consideration. This entails taking a lump sum from Kodak and transferring to a qualifying recognised offshore pension scheme. This gives security of the principle amount and will remove any concerns over Kodak's ability in the future to fund pension income.
Every case needs to be considered individually so I advise members to contact me individually for an initial consultation and discussion on the best action to take to protect your future pension income.
Contact me at;
Mark Paine
Meyado Singapore
www.meyado.com.sg
markpaine@meyado.com.sg
12/12/12 UPDATE
Apple have agreed a deal with Kodak to buy a number of their patents. This is good news for Kodak as it helps fulfill the capital raising requirement to come out of Chapter 11.
