Are you affected by the closing down of a final salary pension scheme? Barclay’s decision to get rid of its final salary pension schemes has led to outrage from the unions associated with the bank, BBC Online reports. The scheme was originally stopped for new members, but now new proposals will stop the scheme letting existing members receive a final salary pension, which has led to anger reaching critical mass.
Unite, the union that represents 25,000 Barclays workers, will take a ballot for further industrial action at some stage during August, following a consultative ballot where 92% said they wanted to be balloted on industrial action.
Barclays has not been the only company to close their final salary pension schemes; many have seen the rising costs as too much to fund, and 18,000 existing staff will be taken off the scheme.
There has been a real variance in Barclays UK Retirement Fund, which two years ago recorded a surplus of around £200m compared with a huge deficit of £2.2bn last September. A shortfall of £200.1bn exists in the UK’s 7,400 defined-benefit schemes at the end of June, according to the Pension Protection Fund (PPF).
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Tags: Pension protection fund, Pensions, Trade Unions
