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FSA to end accruals to DB scheme

The FSA is planning to stop all future accruals to its staff final-salary pension scheme from March 31, 2010.

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.

But the move, revealed in this week’s Money Marketing, sees all future accruals stopped.

The FSA says it will provide full details of the proposed changes which will affect the 18 per cent of its staff who have remained in the scheme, ahead of a formal 60-day consultation process.

A large percentage of staff affected are ex-Bank of England employees.

An FSA spokeswoman says: “We have been reviewing the remuneration package at the FSA. As part of that review, we have let staff in our final-salary pension scheme know that we are proposing changes to that scheme. This is part of our aim to move all FSA staff on to a common pay and reward platform rather than operating two systems.”

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