Pensions Watch: changes to occupational pension schemes

13 September 2007 BAA closes final salary scheme to new members, replacing it with a defined benefits scheme. More

4 May 2007 Aon Consulting survey claims half of defined benefit pensions schemes will be closed by 2011. More

2 May 2007 Tyre giant Michelin to close final salary scheme to existing members. More 

2 March 2007 Unilever closes final salary pension scheme to new members. More

21 February 2007 National Assocation of Pension Funds survey finds 67% of private sector final salary pension schemes are now closed to new employees. More 

13 February 2007 Church of England reviews defined benefit pension schemes. More 

23 January 2007 Marks and Spencer to revamp final pension scheme More

9 January 2007 Government to offer career average pension scheme to all new civil service recruits. More  

8 January 2007 Unions agree to accept British Airways deal on pensions. More

8 January 2007 ITN workers vote to strike over changes to pensions. More

29 November 2006 A survey finds that one-third of UK large companies are planning to close defined benefit pension schemes to new recruits in the next two years. More

27 November 2006 The government has announced details of a revised pension scheme for 1.7 million local council workers. More

2 November 2006 Audit Commission finds London local authorities’ pension schemes too small to deliver cost savings. More 

9 October 2006 Pension scheme trustees have been told by the regulator to crack down on employers trying to dump their pension schemes. More 

5 October 2006 The GMB has issued a veiled threat of strike action to British Airways after talks about the airline’s pension scheme broke down. More

5 October 2006 Call for Delivery Authority to ensure the National Pensions Savings Scheme does not damage occupational pensions when the new accounts begin in 2012. More 

2 August 2006 Jardine Lloyd Thompson is to close its final salary scheme to new and existing members to stop the build up of liabilities. More

1 August 2006 Changes to the NHS pension scheme have been unveiled by NHS Employers and healthcare trade unions. More

The proposals would retain a pension age of 60 for existing members of the NHS Pension Scheme and retain a final salary pension for both existing and new staff.

 

31 July 2006 Debenhams is planning to close its £500m defined benefit scheme to new members and stop existing members from building further benefits More

31 July 2006 MPs criticise the government for refusing to pay up to £15bn in compensation to workers who lost their pensions More

17 July 2006 UK companies are committed to providing pensions  More

13 July 2006Pensions contributions expected to break all records in 2006 after £12bn put in during first quarter More

 

10 July 2006The pensions deficit of FTSE 100 companies’ final salary pension plans is currently £40bn, according to actuaries at consultancy Deloitte More

 

4 July 2006Friends Provident insurance firm set to close final salary schemes to new recruitsMore

 

14 June 2006 BAE Systems has agreed a package of measures with employee representatives to put its pension scheme on a secure footing. More
 

8 June 2006

Watson Wyatt survey warns of employer intention to close final salary schemes to existing members.More
6 June 2006Bosses are keeping final salary pension schemes to themselves as they switch staff to less expensive defined contribution plans.More
1 June 2006Struggling share prices, have added £50bn to final salary pension scheme deficits in the UK’s biggest funds.More
31 May 2006 Private sector employers will contribute more than £30bn into defined benefit pension funds in 2006. More

 

 

25 May 2006 Government releases White Paper on pensions reforms. More

25 May 2006 Pensions bill went up £20bn in 2005 as life expectancy increased. More

19 May 2006 People who cannot work because of  their caring commitments will be given extra pensions credits to help them save for retirement. More

 

 

18 May 2006

Royal Mail gets government cash to help bail out pensions scheme.More

 

 

17 May 2006 More rail strikes could be on the way as unions ballot their members working in infrastructure and operating companies on changes to the industry’s pension scheme. More

 

17 May 2006 Schools minister Jim Knight has announced the launch of a consultation for a reformed teachers’ pension scheme in England and Wales. More

17 May 2006 Sainsbury’s has warned its employees that if they don’t respond to its plans to change its career average pensions scheme they will be switched to a cash balance scheme. More

16 May 2006 More than six in 10 UK companies are against automatic enrolment of employees into pension schemes, according to research. More

16 May 2006 Royal Bank of Scotland is the latest major organisation to close its final salary scheme to new members. But it is offering new staff a “salary uplift” as compensation for not being able to join the scheme.

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10 May 2006 A two-tier pension system is developing in the UK, according to a  report released today by fund management company Fidelity More

 

10 May 2006 Rail staff are to have a nationwide ballot on industrial action after unions and Network Rail failed to reach agreement about pensions. More

2 May 2006 Negotiations about the NHS pension scheme between employers and unions have reached a “critical point”, according to leading players. More

24 April 2006 BT today said that the government will guarantee an estimated 75% of its pension fund liabilities, currently worth about £37bn More

21 April 2006 BBC to close its final salary pensions scheme to new staff and pensions contributions to rise to 7.5% for current members. More

18 April 2006 Thomas Cook has finally shut its final salary pension scheme. More

18 April 2006 New company offers to help divorce organisations from their pensions schemes. More

18 April 2006 Roll-Royce aims to win staff backing for final salary scheme closures with £500m donation to pensions pot.  More

10 April 2006 The BBC may close its final salary pension scheme to new members and raise the retirement age for younger employees from 60 to 65, according to broadcast union Bectu More

3 April 2006 The deficit in final salary pension schemes halved in the two months to March as share prices soared More

 

31 March 2006 DWP survey reveals sharp fall in pension provision by private companies More

27 Mar 2006

Pensions Protection Fund: Applications to the Pension Protection Fund, the government’s pensions safety net for struggling pensions funds, have leapt by more than 50% in the first quarter of 2006More

 

 

23 Mar 2006British Airways has proposed to raise the retirement age for some of its workers in a bid to close a £1bn black hole in its pension scheme.More

 

 

21 March 2006 Local government: Experts question legal basis of decision to scrap ‘rule of 85 More

 

15 March 2006 Local government pension scheme members vote to strike over plans to abolish the ‘rule of 85’ More

14 March 2006  Harrods staff threaten to strike over changes to pensions and hours More

13 March 2006 National Pensions Saving Scheme poses fatal risk to employers’ schemes More

13 March 2006 Closure of Dairy Crest pension scheme angers unions More

 

 

09 March 2006 Builders’ merchant Travis Perkins has become the latest company to close its final-salary scheme to all new members  More…

 

 

08 March 2006 Sainsbury’s is trying to pass its final salary pension scheme off as “something it clearly isn’t”, according to a leading pensions expert.  More…

 

 

07 March 2006 Strong-arm pensions tactics Insurance broker Marsh, which owns HR consultancy Mercer, plans to terminate the contracts of staff who do not agree to take a cut in their pension provision. The UK’s biggest insurance broker will l  More…

 

 

06 March 2006 Rail unions threaten first national rail strike in more than a decade over pensions dispute.  More…

 

 

03 March 2006 Aviva has become the latest company to pledge a significant lump sum towards its pension fund, promising to wipe out about half of the scheme’s £1.47bn deficit.  More…

 

 

02 March 2006 Insurance broker Marsh plans to terminate the contracts of staff who do not agree to take a cut in their pension provision.  More…

 

 

24 February 2006 Sainsbury’s is to inject £350m into its pension fund to help to fill the £582m deficit facing its schemes.  More…

 

 

13 February 2006 Rolls-Royce is considering closing its final salary pension scheme after its pension deficit rose by 15% last year.  More…

 

 

03 February 2006 Harrods axes final salary pension scheme for money purchase pension scheme.  More…

 

 

02 February 2006 BAE Systems is to inject £800m into its pensions pot as part of a deal to protect its final salary scheme.  More…

 

 

25 January 2006 IBM is rumoured to be planning to close its final salary pension scheme to thousands of its UK workers.  More…

 

 

20 January 2006 The John Lewis Partnership is considering raising the age at which staff can draw a full pension  More…

 

 

19 January 2006 British Airways’ pension deficit has reportedly grown to £2bn, doubling since its last valuation in March 2003  More…

 

 

17 January 2006  The Australian firm which owns the Yorkshire and Clydesdale banks has proposed scrapping its final salary pension scheme  More…

 

 

12 January 2006 Scottish Power has closed its final salary pensions scheme to new members.  More…

 

 

11 January 2006 British Airways has decided not to solve its huge pension deficit by closing its final-salary scheme to existing members.   More…

 

 

09 January 2006 The heads of the Compass catering group have enjoyed a £1m-plus pension boost.  More…

 

 

09 January 2006 IBM and Hewlett-Packard join the rush to ditch final salary pensions in US.  More…

 

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