Final salary pension schemes may have come in for a hard time in recent years, but the employers running them are not as mercenary as media reports would suggest.
Many have come under fire for trying to take a hack saw to their liabilities and cut them on the cheap. However actuarial and consultancy firm Spence & Partners says that providing a clear and structured process is followed there is the potential for a significant win-win solution for employers and their staff.
Employers have become increasingly aware of their pension scheme liabilities in recent years and have begun to question how they begin to deal with them. Offering scheme members choices which may be beneficial for both parties should not be vilified if there are checks in place to make sure that members get a reasonable settlement should they chose to take up the option to leave a scheme.
In this instance the media has been quick to criticise although a more detailed explanation of why their comment is misplaced is contained in the article Freddie Starr ate my pension on the Spence & Partners website.
For further information please contact David Davison at Spence & Partners (www.spenceandpartners.co.uk) on 0141 331 1004.
Issued on behalf of Spence & Partners by Blueprint Media tel 0141 353 1515
Date: Feb ’07