UK. Fears over 280,000 pensions as Barclays dumps final salary scheme on ‘casino bank’
Barclays has attracted stinging criticism over plans to give responsibility for its giant staff pension fund to its “riskier” investment banking division.
Frank Field MP, who chairs the influential Work and Pensions parliamentary committee, has written to the chief of the Pensions Regulator over concerns that 280,000 savers’ pensions have been put under threat by the move.
Barclays offered staff a generous “final salary” pension scheme until 1997, when it was replaced with a “defined contribution” plan. The final salary fund, which closed to future accrual in 2012, is one of Britain’s largest with £34.6bn of assets but a funding deficit of £7.9bn.
Read More: Telegraph
