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Bo E Admits To Failure In Its Own Affairs -- In House Deficits

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http://www.telegraph.co.uk/money/main.jhtm...9/cnbank109.xml

Bank admits defeat over deficit

By Roland Gribben
Last Updated: 1:02am BST 09/07/2007
The Bank of England, the country's financial citadel, has been forced to admit defeat in its battle with the pensions crisis. Staff have been told the Bank wants to scrap its generous final salary pension scheme and raise the retirement age from 60 to 65 to help plug a £300m deficit.
Mervyn King, the Governor, has opened talks with the bank's 1,700 staff and Amicus, the trade union representing many of them, on changes that would see pensions based on average salary instead of final pay. The new scheme, however, would remain non-contributory..../

Classic muppetry. :lol:

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http://www.telegraph.co.uk/money/main.jhtm...9/cnbank109.xml

Bank admits defeat over deficit

By Roland Gribben
Last Updated: 1:02am BST 09/07/2007
The Bank of England, the country's financial citadel, has been forced to admit defeat in its battle with the pensions crisis. Staff have been told the Bank wants to scrap its generous final salary pension scheme and raise the retirement age from 60 to 65 to help plug a £300m deficit.
Mervyn King, the Governor, has opened talks with the bank's 1,700 staff and Amicus, the trade union representing many of them, on changes that would see pensions based on average salary instead of final pay. The new scheme, however, would remain non-contributory..../

Classic muppetry. :lol:

A lot of the final salary pension schemes (private and public sector) seem to be closing!

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http://www.telegraph.co.uk/money/main.jhtm...9/cnbank109.xml

Bank admits defeat over deficit

By Roland Gribben
Last Updated: 1:02am BST 09/07/2007
The Bank of England, the country's financial citadel, has been forced to admit defeat in its battle with the pensions crisis. Staff have been told the Bank wants to scrap its generous final salary pension scheme and raise the retirement age from 60 to 65 to help plug a £300m deficit.
Mervyn King, the Governor, has opened talks with the bank's 1,700 staff and Amicus, the trade union representing many of them, on changes that would see pensions based on average salary instead of final pay. The new scheme, however, would remain non-contributory..../

Classic muppetry. :lol:

Of course unlike private sector pension schemes this one doesn't really need to worry about going into the red as it is backed by HMG (or rather the taxpaying suckers of tomorrow).

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