January 5, 2006

YOU MEAN SELF-ABSORPTION HAS CONSEQUENCES?:

Thousands more face crisis over pensions (MARTIN FLANAGAN, 1/05/06, The Scotsman)

THE retirement plans of thousands of Britons were dealt a major blow last night when they were told they would have to work longer or have their company pensions cut.

Philip Green - who, with his wife, got a £1.2 billion dividend last year as the main shareholders in the Arcadia clothing group - has told his 3,600 staff they will have to work five years longer and pay more in contributions if they want to maintain their current final-salary pension. The chain includes the Top Shop, Burton and Dorothy Perkins brands.

In another blow, the Co- operative Society has told almost 22,000 staff it is cancelling their final-salary pension and replacing it with a less generous scheme.


Not having kids sounded like such a good idea when the Blue folk thought it meant they'd have more time and money to indulge themselves....

Posted by Orrin Judd at January 5, 2006 8:31 AM
Comments

"Final-salary pension" is apparently Brit speak for a defined benefit plan. Defined benefit plans, at least in the private sector, are dead.

Posted by: David Cohen at January 5, 2006 9:51 AM
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