Shell to close final-salary pension scheme

[bonus2010]

Shell to close final-salary pension scheme




Shell is to close the FTSE 100?s last remaining final salary pension scheme to new hires in Britain, ending an era in which private sector workers could be confident of a guaranteed income throughout their retirements.

The move by Shell UK, which will take effect in 2013, comes as government ministers attempt to force public sector workers to pay higher contributions into schemes that would still be more predictable than those available to their private sector counterparts.

Shell UK maintains one of the country?s best-funded pension schemes. At its last valuation at the end of 2010, it had a surplus. According to a valuation report at the time, the scheme had more than enough funds to pay all promised benefits in full and on time. In 2007, it was so well funded that Shell UK obtained permission from the Pensions Regulator to withhold contributions.

Shell is unusual among UK employers in that its scheme is particularly well funded and it does not appear to have been guided in its decision by a need to close off a scheme that threatens to siphon off cash that is badly needed for operations.

In a statement on its pension website for scheme members, Shell said it would replace the final salary plan with ?a UK defined contribution pension plan?. It added the replacement plan would ensure remuneration for new hires ?remains strongly competitive?.

A Shell UK spokesman confirmed the decision to close the scheme to new hires did not reflect concerns about future risk, but was instead taken ?to reflect market trends in the UK?, he said.

Unite, the union representing workers at Shell UK, criticised the move. ?This is a disgraceful act, nothing less than greed on the part of one of the world?s richest and most powerful corporations,? said Len McCluskey, Unite general secretary. ?They have no need whatsoever to close this scheme.?

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Just goes to show the changes in pension provision that has already taken place in the private sector, when a prosperious company like Shell.. no longer feel the need to have pension benefits to attract new employees ......

[super jumbe]

There has never been any pension scheme, all scam!!!!!!!!!!

They should have learned from the late Maxwell pension scheme.

They take most of the money then they run, run, and change the rules.

[Meat-Head]

*CONFUSED*

So what does it mean in Inglish for

1) DK members
2) Past workers
3) Presant workers
4) fuel prices

[gc1966]

*CONFUSED*

So what does it mean in Inglish for

1) DK members
2) Past workers
3) Presant workers
4) fuel prices

in inglis

1) any dk mamber who works for shel alreddy ~~~~ all as onlee closed to neu empl0yies

2)past workers who are geting the penshon from shell alreddy ~~~~ all again

3) presant workers of shell,~~~~ all agen

4) fual prices,~~~~ all as the main culppritts are the thievving ~~~~ing govenmant for driving up prizes

[Canker_Canison]

This is what the government should of done to public employees. Reduce the amount new recruits would recieve while leaving those already working for the state alone.

It would of stopped the strikes from ever happening & could of been implemented from 1st April.

[gc1966]

This is what the government should of done to public employees. Reduce the amount new recruits would recieve while leaving those already working for the state alone.

It would of stopped the strikes from ever happening & could of been implemented from 1st April.

interesting point,they go in with their eyes open and the t+c openly explained,so if not happy do not take the post