What links the following organisations: The UK Government, British Steel, BHS, BT, National Trust and the Wellcome Trust?
They are all have or had huge problems in the funding their pension commitments.
For instance, BT's pension deficit had widened from £7bn in 2014 to £9.9bn by the end of June 2015.
It seems that the charities are knee deep in the same problem.
The old equation that enabled final salary pensions to work, doesn't work. Either the UK taxpayer has to put their hand in their pocket, as they already do with public sector workers, of that retired workers will get less pension than they expected.
The longer the mess continues the worse it gets. The current generation has to pay more from their income to support a failed system.
Not good. Dick Stroud
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