Over the past few years and at a considerably accelerated pace, companies have been closing down their final salary schemes.
TUC general secretary Brendan Barber said companies had not fulfilled their part of the bargain when the bull market ended.
‘Many employers used the convincing argument that, since they shouldered the investment risk in final salary schemes, they should have control of the surplus. And while the bull market lasted, employers certainly took advantage.
‘According to the latest Inland Revenue statistics, employers used surpluses to take contributions holidays and reductions worth £18.15bn between 1988 and 2003. And in the same period they took direct refunds of surplus worth £1.2bn,’ Barber told the conference.
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