26 Jan 2008

Siemens announces UK pension review

Siemens announces UK pension review

United Kingdom, 2006-Oct-26

Siemens has started a comprehensive review of its defined benefit pension arrangements in the UK. Siemens is asking the trustees of its defined benefit schemes to consult with their advisers with a view to formulating proposals to help the company reduce its pension deficit, currently at £638 million.

“The aims of this review are to increase the security of the benefits members have earned to date by reducing the deficit, to control future pension costs and continue to help our employees build their pension savings,” said Peter Merrick, director of corporate personnel, Siemens plc.

About one in three of Siemens’ employees in the UK (about 7,500) are members of a defined benefit pension scheme and affected by the review. Siemens closed its defined benefit pension scheme to new joiners in 2002. In the last three years the company has made additional payments of £109 million to reduce the deficit, and in recent years Siemens asked members of its defined benefit schemes to increase their contributions or reduce the rate at which their pension builds.

Discussions with trustees are expected to continue for several months before joint proposals are formulated. Employees and their representatives will then be consulted for a period of at least 90 days. It is unlikely that any proposals will be reached, consulted upon, agreed and put into effect before 2008.

Siemens employees who build up pension benefits on a defined contribution basis will not be adversely affected by the review.

Notes to editors:

About Siemens in the UK
Siemens was established in the United Kingdom 163 years ago. The company employs 21,122 people in the UK, including about 5,000 in the manufacturing sector. Last year’s revenues were £3 billion, including exports of £500 million. Siemens provides innovative, high-quality services and solutions to customers in a diverse range of industry sectors, including power, automation and control, information and communication, medical, transportation, lighting, and household. Siemens has offices and factories throughout the UK, with its headquarters in Bracknell, Berkshire. The company’s global headquarters is in Munich, Germany. For more information, visit www.siemens.co.uk

Ms. Anne Keogh
Media Relations Manager

For more information, contact:

Siemens plc

Tel: +44 (0)1344 396312

Mobile +44 (0)7808 823545


About Siemens

Siemens AG (Berlin and Munich) is a leading technology company focused on industry, infrastructure, transport, and healthcare.

From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers.

By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people.

Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare.

In fiscal 2023, which ended on September 30, 2023, the Siemens Group generated revenue of €77.8 billion and net income of €8.5 billion.

As of September 30, 2023, the company had around 320,000 employees worldwide.

Further information is available on the Internet at www.siemens.com.