>Changing this for many could well be illegeal.
The company I worked for (IBM) had a very generous final salary pension scheme, though they stopped it for new employees about 10 years ago.
But they announced a year or so back they were going to withdraw it for EXISTING employees in April 2010 (this month).
You had the choice to LEAVE IBM but keep your pension, or stay at IBM and have your pension moved to a money purchase scheme.
Many people at IBM in their late 40s or early to mid 50s had a difficult choice to make and many of my ex colleagues have been leaving to ensure they keep their pension.
If IBM can do it then council and goverment departments can do it (at least on a gradual basis). Mind you I am sure the unions will have something to say about it.
http://www.guardian.c...s-final-salary-scheme
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