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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | February 2009 (16 blogs) | FSA: do what I say, not what I do
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FSA: do what I say, not what I do
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With the banking sector under intense pressure about excessive boardroom bonuses, it comes as a bit of a surprise to find that the Financial Services Authority is about to increase its reward package for its 2,800 employees.
You may recall that the FSA has been criticised for not doing enough to anticipate the banking crisis but defends the £33m package as a ‘talent management initiative’.
In an article in The Times, it reveals that ‘The FSA is pushing City firms to introduce more deferred elements into bonuses and to pay them in shares. Its own bonuses will be paid in cash straight away.’
So, mixed messages then. The phrase, ‘do what I say, not what I do’ comes to mind. If you then turn to other areas of the FSA Business Plan 2009/2010, published yesterday, you had to look hard but on page 34 of the document, you will find the text:
‘We will also consult with current members of the final salary section of the pension plan with a view to ceasing future accrual within that section from April 2010. If this change were to go ahead, it would generate savings at an expected rate of £4.8m per annum in future years and reduce the uncertainty of future pension costs.’ (page 36 of the pdf)
Given that it is aiming to raise its fees and levies from the current £364m to £1.07bn in 2009/2010, it’s hard to justify closing the defined benefit scheme, wouldn’t you say? See:
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Mike Jones, MyCompanyPension.co.uk Ltd, February 13th 2009
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