8 thoughts on “Betrayed!

  1. I cannot believe that the company did not realise the reaction this decision would have. Sadly I believe that they were fully aware of the reaction and are prepared to do the dirty on long serving loyal workers who had made retirement plans based on the original DB scheme that they had agreed with the company when starting their employment with them.

  2. The proposal regarding full discounting of pensions on a redundancy for the over 55’s is completely unfair and represents a serious breach of trust. The company previously made promises about ‘banking’ years of service to be treated on a ‘non discounting’ basis. They have never withdrawn previously banked terms and conditions retrospectively and to do so now would be morally, ethically and quite possibly legally wrong. They would never be allowed to treat customers in this way.

  3. A very embarassing time for AXA, sad also that we are being so badly treated. I attended an AXA event a few years ago, headed up “Trust” I’m afraid it makes no sense to me now. So many of us feel let down and cannot believe that this could actually happen. It almost seems fraudulent to me, there is a contract in force and money being taken from us for something that’s been agredd, then suddenly, it’s no longer available, shame on you AXA

  4. Absolutely disgusting way to treat those employees who have remained loyal to the company through all the other myriad of changes that have been forced on us over the years. This is going to seriously impact the thoughts I had about my retirement, Axa should be bloody ashamed of themselves.

  5. It’s a shame this has happened. Final salary pensions have always been attractive, but have also been extremely expensive. Where as numerous people have now lost all their company based pension following the collapse of their pension fund, AXA are doing all they can to ensure we at least get something in our retirement. Personally, I thank AXA for this. After all, a smaller amount of something is better than a larger amount of nothing.

    Trust – I trust them to ensure I at least have some form of income post retirement. To me, they are still doing this.

    Perhaps AXA could offer two options. One, where the Final Salary scheme is available, but when the cost of paying out isnt matched by the contributions, then the pot dries and you get nothing. The second, where you agree to the changes, and ensure a regular income.

    I know which I would rather.

    • “AXA are doing all they can to ensure we at least get something in our retirement.”

      Sorry Richard but they are not. The DB scheme is guaranteed by AXA SA in Paris to an amount 40% in excess of the deficit. There is no possibility of it collapsing and the company are as keen as us that the idea that it could does not get any traction. The company proposal is down to transferring additional risk (ie. a possible deficit increase) from them to you.

  6. I’m no more happy about this than anyone else. I have 19 years servcie and approaching mid 50s was just starting

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