Morrison on DB schemes

One of the lines in Joni Mitchell’s song Big Yellow Taxi is: ‘You don’t know what you’ve got ’til it’s gone’, a line that I think can be applied to the world of pensions. My first job in pensions many years ago was administering final salary pension schemes. In those days, final salary was the norm and often non-contributory. Over the years, and for a number of reasons, the demise of the final salary scheme has been well-documented, with few schemes still running, and with fewer still accepting new entrants. Everyone has predicted the ‘final nail in the coffin’ of such schemes. I thin...