FSA staff given 10pc pay rise as pension scheme closes

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...