Almost 15,000 former Kodak staff in the UK have a choice to make in the next few weeks, following a daring bankruptcy deal announced yesterday that will see a new 'orphaned' UK pension scheme set up to take ownership of two Kodak subsidiaries worth £420m.

According to Steven Ross, chairman of the existing £1bn Kodak Pension Plan, the intention is now to wind this scheme up in order to create a new arrangement that will pay "slightly less" generous pensions. Members will be written to in the coming weeks, and given the choice on whether to join up or not.