UK - British Airways has warned its staff in a newsletter that on current valuations of its pension scheme they could expect only 60% of their pensions.
Current staff lose out because under current rules pensioners have priority claims on pension fund assets.
The BA pension fund had a deficit of £900m at the end of March 2003. BA is committed to pay an extra £105m a year over the next ten years to plug the gap.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.