This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM+cover+small+180914
Categories:Pensions,Regulation

FSA staff who move to new body won't get bank pensions

  • Print
  • Comment

FSA chairman Adair Turner has confirmed that FSA staff moving across to the new prudential authority will not be included in the Bank of England’s pension scheme.

The Government announced last week that the FSA is being transformed into a new prudential authority, which will be a subsidiary of the Bank of England. A new body, the Consumer Protection and Markets Authority, will regulate all authorised firms.

Speaking last week at the FSA annual public meeting, Turner said the new body will operate autonomously with its own pay and pension arrangements, separate from the Bank of England.

Many Bank of England staff have a final-salary pension scheme, which closed to new members in September 2007. The bank now offers a career-average pension scheme to staff. On April 1, the FSA stopped all future accruals to its staff final-salary pension scheme. The scheme has been closed to new employees at the regulator since June 1998 when the FSA was set up and was replaced by a moneypurchase scheme.

A large proportion of FSA staff likely to be affected by the move are former Bank of England employees.

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick



Poll

Is Labour right to be concerned about the unintended consequences of the Budget pension reforms?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments