FOC Final Salary Pension

[FrankOwen]

It was mentioned in the TOC to FOC thread that there's rumours that GBRf are considering making changes to their final salary pension and if they were to do that other FOCs would follow suit.

Is this likely? I'm asking as I'm considering moving to a FOC and one of the main draws is the pension.

My initial thoughts are that they'd struggle to hang on to drivers what with TOCs now generally being better payers, so if the pension was to go surely a lot of the drivers also would.

Does anyone have any information about this or is it still just a rumour?

 

[142094]

I have heard the same rumour about GBRf, but as you say if they decided to do so then you would probably get a lot of drivers jumping ship pretty quickly. DB have a pension deficit but I haven't heard if they are planning on coming out of the RPS final salary scheme yet.

All three major FOCs are advertising and have been for some time. So changing pension schemes no doubt would put a lot of people off from applying.

 

[whhistle]

It's fair to say though, many young people don't think too much about pensions so it may not be an issue.

 

[falcon]

It was mentioned in the TOC to FOC thread that there's rumours that GBRf are considering making changes to their final salary pension and if they were to do that other FOCs would follow suit.

Is this likely? I'm asking as I'm considering moving to a FOC and one of the main draws is the pension.

My initial thoughts are that they'd struggle to hang on to drivers what with TOCs now generally being better payers, so if the pension was to go surely a lot of the drivers also would.

Does anyone have any information about this or is it still just a rumour?

You say "making changes". Are those changes detrimental to you? you do not know what the changes are do you?

 

[306024]

It's fair to say though, many young people don't think too much about pensions so it may not be an issue.

Very true. Luckily I was ‘lectured’ by an ASLEF rep when I was young about the importance of pensions. Took his advice and am now getting the benefit.

Any youngster who says they aren’t interested in pensions now gets the same lecture.

 

[FrankOwen]

You say "making changes". Are those changes detrimental to you? you do not know what the changes are do you?

Hence this thread ...

 

[falcon]

Hence this thread ...

OK maybe this will explain. Simple - it's a rumor.

 

[Islineclear3_1]

Company pension changes aren't always for the better (for everyone). My industry moved from a final salary scheme to new members years ago and gave existing members the option to move to a defined contribution scheme in line with new joiners. I would expect (for the OP), GBRf will go out to full consultation with its members

 

[falcon]

Company pension changes aren't always for the better (for everyone). My industry moved from a final salary scheme to new members years ago and gave existing members the option to move to a defined contribution scheme in line with new joiners. I would expect (for the OP), GBRf will go out to full consultation with its members

The rumor gathers momentum. Where have GBRF said the pension scheme is under review?

 

[Islineclear3_1]

The rumor gathers momentum. Where have GBRF said the pension scheme is under review?

Where did I mention "under review"? It doesn't if I've read the opening post correctly but, if GBRf are proposing changes, surely this has to be formally consulted upon?