FSA staff will not join BoE pension scheme
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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 today 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 BoE now offers a career average pension scheme to employees.
On March 31, 2010 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 money-purchase scheme.
A large proportion of FSA staff that were affected by the move are ex-Bank of England employees.
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Readers' comments (2)
John Tiney | 25 Jun 2010 10:40 am
They will be a bit miffed, now they know what life is like for political footballs. But what happens to the scheme? They were transferred into the FSA at 7%.
"Consumer Protection and Markets Authority".
We need an R in there somewhere and a bit of word juggling so that the acronym actually means something appropriate.
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terry arch | 25 Jun 2010 11:13 am
What is going to happen concerning the shortfall in the gold plated scheme that they are already membes of. Are they going to increase our fees to cover it
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