MPs want radical shake-up that would allow companies to ditch promises made.

uk1

Having followed the odd outbreak of speculation with respect to DB schemes being able to change from RPI to CPI I must admit I hadn't noticed any publicity for them to also be allowed to make more fundamental and significant changes eg removal of widows benefit and any increases.

Millions face pension cuts in final salary scheme reform: MPs want radical shake-up that would allow companies to ditch promises made to workers WITHOUT going through the courts


*Firms could strip retired employees of annual increases to their pensions
*This would leave workers £100,000 poorer over 25-year retirement period
*Savers could also lose right to pass pensions on to spouse when they die

http://www.dailymail.co.uk/news/article-3704211/Millions-face-pension-cuts-final-salary-scheme-reform-MPs-want-radical-shake-allow-companies-ditch-promises-workers-WITHOUT-going-courts.html

If the reports are correct, the proposal is that it will only effect private sector workers and not MPs or public sector workers.

This also cropped up a couple of years ago ie November 2013.

https://www.theguardian.com/money/2013/nov/07/defined-ambition-pension-proposals



Jeff

Andy_L

uk1 wrote: »

If the reports are correct, the proposal is that it will only effect private sector workers and not MPs or public sector workers.

Seeing as how those schemes have already been changed from RPI to CPI by ministerial fiat (and can be changed again in the future) it would seem pointless to include them in any legislation.