Is there a senior pension manager in the country who hasn’t been involved at some stage in their career in a TUPE transfer to Fujitsu or its predecessor ITL?

Government contracts for IT services for former Government  staff. But while pensions were a side-hustle to the contract negotiators, they were a long-term liability to the corporate pension balance sheet, a liability which is only now biting.

As Fujitsu testifies to the Horizon inquiry, the Mail on Sunday has uncovered the true state of its pension scheme and it’s not pleasant viewing,

This is not a pleasant time for this company and it can’t be much fun working for them right now. Those who were responsible for the problems experienced by sub-postmasters are likely to have moved on and will only have the pension scheme to remember Fujitsu by, those who are currently in employ are less likely to be scheme beneficiaries,

But the scheme has the potential to bring Fujitsu down and it is times like this that we need both the PPF and the assistance of outside support through capital backed journey plans.

Lets hope that support arrives in time to save both the scheme and the company. We do not wish to see those who had no part in the creation or management of the Horizon problems, punished,

For unlike the Post Office’s pension scheme, now paid by the Government or by Rothesay Life, the future pensions for Fujitsu staff, look uncertain