THE FSA has cut back pay awards for almost 900 staff in an attempt to avoid taking more money from f...
THE FSA has cut back pay awards for almost 900 staff in an attempt to avoid taking more money from firms it regulates to plug its £31m shortage in its pension scheme, says this morning's Times. Staff at FSA are given access to a final salary pension scheme pay rises of an average 4.2%, compared with 6.7% paid out to employees in the defined contribution scheme. However, as the final salary pension scheme yield a pension based on number of years working and final salary, this means that the FSA has immediately decreased its £31m gap in its pension scheme by reducing pay awards, writes...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes