That doesn't fit with what their press release says;
Tesco trading statement off the Tesco plc website wrote:The initiation of consultation to close the company defined benefit pension scheme to all colleagues
Closure is closure, not reduction or adjustment
and the payout from a Defined Benefits scheme isn't at all set or adjusted by the company, it's entirely dependant on how the pot of money built from the individual employee (plus employers) contribution performs by investment over the lifetime of that employee.
Sorry, what drokk was I on when I wrote that? (that's what comes of dipping in and out whilst trying to concentrate on a muffin hard report that's doing my head in
) What I wrote there was about a Defined Contribution scheme, not a Defined Benefit scheme. DB is a scheme where the outputs are set by the pension committee (final salary is one type of a DB scheme, for example). So... the beef is a) they want to close a DB scheme (which is not good, because they're always better) b) it doesn't say they want to replace it with anything? So what are their plans? Introduce a DC scheme? They suck... Either way, they still make plenty of cash so it's jobby this is their solution. Are they saying their pension scheme is in massive deficit at the moment? Also closing it to EXISTING staff is a step very few companies have made, they normally close DB to new staff, leaving existing staff in DB but saying new staff can only go into DC. So they're being extra bastardy...
Anyway, this is what your reps should know about and be sorting/briefing you on, so I'll leave it there!
Good luck.
I would say I'd take my business elsewhere in support, but I've done my absolute best not to shop with the bastards for years anyway!
