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Article: FSA gives staff 10pc rise as pension scheme is switched
- Article from:
- The Sunday Telegraph London
- Article date:
- August 23, 2009
- Author:
CopyrightCopyright 2009 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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THE Financial Services Authority has awarded around a fifth of
its workforce a 10pc pay rise to compensate them for the regulator's
decision to close its final salary scheme to existing members.
The 495 staff were told last month that they will no longer be
able to contribute to the scheme and will be moved into a less
generous defined contribution pension, which already has over 2,000
FSA members.
The move will save the indebted regulator money. It fell into the
red this year after it spent pounds 347m, but raised only pounds
324m from fees and other revenues.
Its expenditure included a pounds 5.8m payment as part of plans
to make good a pounds 88.9m deficit in the pension fund. But the ...