Summary
The Royal Bank of Scotland's gold-plated pension scheme will require a big cash injection at the expense of the taxpayer after it is revalued at the end of this month.
RBS has had to pay in almost pound(s)1.5bn over the past two years to prop up the scheme, which before it closed to new members in 2006 was one of the most generous in the UK, offering a two- thirds of final salary pension on nil employer contributions. It has 65,000 staff accruing benefits and 165,000 pensioners and deferred members in its main fund alone.See the full content of this document
Extract
Rbs Pensions Sting Taxpayer
The bank has now warned that the revaluation "could result in the amount of contributions payable in 2010 and subsequent years being materially different from the curren...
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