Kodak Alaris will continue to support a number of smaller DB schemes in Germany and around the world, despite their Kodak Pension Plan (no. 2) (KPP2) scheme being under threat of entering the Pension Protection Fund (PPF).
Last week, KPP2 trustees informed the members that it is “likely” the scheme will enter the PPF.
The smaller DB global schemes are not related to the KPP2 scheme, which is the sole shareholder of Kodak Alaris, whereas Kodak Alaris is the sponsoring employer of the smaller DB schemes.
A Kodak Alaris spokesperson commented: “Kodak Alaris does have some defined benefit obligations. In most part, Kodak Alaris was required by law to set these up at the time that the business assets transferred from Eastman Kodak to KPP2 to form Kodak Alaris.
“In total these schemes have slightly more than 300 members with a small deficit on some of these schemes. Approximately 61 per cent of the total liability of $46.7m (31 December 2016) is attributable to Germany.”
The KPP2 scheme was formed after Kodak Limited’s parent company, Eastman Kodak, filed for bankruptcy in 2012, with the company no longer able to sponsor the original pension scheme. At the time members were given the choice to switch to KPP2 or transfer into the PPF.