I'm not sure if this is the right forum to post. However, with all the uncertainty about the companies future, does anyone know what will happen to the pension?
I presume it's covered for circumstances such as this?
11 replies (most recent on top)
Guys, anonymous website, personal info not allowed. Admins will block you and nuke your posts. Just sayin'
The Frog and Bucket shut years ago....oddly enough I now drive past it on the school run!
How the mighty are fallen.
Cheers, I know who you are as well, Gardenwood Road wasn't it? I hope all is well with you & thanks very much for the information wrt the pension, I'm sure it will be fine.
I would go for a pint at the Frog & Bucket, but that's shut down as well!
Digicon, East Grinstead, early 90s? Hmm, I probably had a few drinks with you at some point.
A belated thanks for the information regarding the pension. I hope the pension will be safe & there won't be another 'Robert Maxwell scenario'.
I can understand the scepticism of the management written on this thread/website. I used to work for a few seismic companies in various guises, IMHO seismic has always been badly run. Maybe business will pick up but it won't be for a long time.
Dear @OzmALt2-1qbi the pension / savings plan is held with AXA who invest the money in whatever funds you selected. The money is not held by CGG. CGG and the employee play into the fund which is administered by AXA. Individuals will not lose their pensions, unless AXA goes bankrupt.
If CGG goes bankruptcy, you don't get anything from pension. Good luck in suing CGG.
Dc scheme and you will be fine, db is a totally different matter.
Thank you very much for the prompt reply, much appreciated. I worked for Digital Exploration in the early 90s for a couple of years when it was based in East Grinstead. I've still got the pension, maybe not worth too much , but it all counts! Sorry to hear of the troubles at CGG, if my memory serves me right when i joined Digicon in the early 90s they had just come out of Chapter 11 (administration), so maybe there is some hope?
The AXA retirement and Savings plan is just that a savings plan and is held with AXA and not CGG. You should, depending upon your country of residence be able to do one of three things. One keep the plan with AXA and if you wish make your own contributions, you just won't get anything from CGG, secondly transfer the plan into another pension plan, or thirdly cash in the plan and have the money in your bank account. However with the last option you would need to check that having the cash option doesn't count as income on which you could be taxed.
These were the options open to me when I was made redundant but I would advise you check with AXA and CGG HR department.
Good q...
Any response is appreciated