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Barclays scrutinised over pensions arrangements

Work and pensions select committee chair Frank Field

MPs have scrutinised Barclays over plans to attach its final salary pension scheme to the investment banking arm.

Work and pensions committee chairman  Frank Field has written to The Pensions Regulator chief executive Lesley Titcomb about 280,000 savers that would be affected by the move.

The bank offered employees a final salary scheme until 2012 when it was replaced with a defined contribution plan.

As part of the restructuring at the bank, a “ring fenced” retail and investment wing have been created.

However the pension fund is being put in the investment rather than retail division.

Field says: “The whole point of splitting banks in two is to protect the safe retail bank that can’t be allowed to fail from the ‘casino’ bank that can go bust come the next crash.

“I am struggling to fathom how being shackled to the expendable half provides long term reassurance to the pension scheme members.”

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