The FSA has awarded around a fifth of its workforce a 10pc pay rise to compensate them for the regulator's decision to close its final salary scheme to existing members, according to The Telegraph.
A total of 495 staff were told last month they will no longer be able to contribute to the scheme and will be moved into a less generous DC scheme, which already has over 2,000 FSA members. The decision has been made to help save the FSA money after it spent £347m this year, but raised only £324m from fees and other revenues. Its expenditure included a £5.8m payment as part of plans to make good a £88.9m deficit in the pension fund. An FSA spokesman says: "Following a consultation, a decision was made to close this scheme in March 2010 and affected staff will move to a money purchase pe...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
