Alternatives to AXA pension scheme closure

A number of members have asked for more detail on the alternatives to the closure of the Defined Benefit scheme put forward by Unite and the Pensions Consultative Forum.

A copy of the document submitted to AXA listing them can be found here.

2 thoughts on “Alternatives to AXA pension scheme closure

  1. Why not allow continued contributions, at an increaced rate?
    The current suggestions do not seem to close the hole in the fund, nor, I suspect, would any feasable increace in contribution.

    therefore why not leave the scheme with the current contribution pruchasing less return (ie continue as is, but acrue o.5 sixtieths per year, and allow additional contributions to raise that. The proposals will need me to pay and extra £3000 a year to maintain my pension, if the DC scheme hita 7% and my own additional arrangements hit 5%. Why not let me pay these into the scheme and receive a defined (but lower than existing) return?

  2. Is it possible that unite can keep all the staff that are affected by the propsed changes upto date with the current state of play. It is now over 3 weeks since the announcement and nearly halfway through the consultation process but we have heard nothing.

    This is very worrying.

    What were the results of the survey?
    Have these been cascaded to the company? If so did they give any reply?

Leave a Reply

Your email address will not be published.