In article ,
Andy Champ wrote:
On 23/02/2013 00:13, bert wrote:
It used to be compulsory with any large company to join the pension
scheme after 1 or 2 years.
But then the twittering classes said that wasn't "fair" and so few opted
in and the schemes have died.

That's not why the schemes have died.

People tended not to die so soon, so costs went up. Then we went
through a phase where the returns on the investments were really good,
and companies realised it was cheaper to pension off their older staff
rather than make people redundant (cost to pension fund, not to company,
and it was overfunded so WTH). Then the returns went back to normal
leaving funds underfunded... so Blair and Brown came along and made a
"minor change" (about 5 billion a year) to the way pension funds
were taxed, and suddenly they were unaffordable.

And, of course, most companies were just looking for any excuse to lose
this cost to them.

--
*Real men don't waste their hormones growing hair

Dave Plowman London SW
To e-mail, change noise into sound.