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I am very concerned to note that 90% of all UK final-salary or "defined benefit" pension schemes are currently in deficit. Over 2000 schemes are already in "wind-up". Despite the belated protection offered by the "Lifeboat" there is real danger facing pension members of these schemes whose benefits - unless transferred to an alternative provider - could be seriously affected.

The so-called "lifeboat" - otherwise known as the "Pension Protection Scheme" - is not funded by the British Government but by a levy on UK pension providers. It results in successful pension providers having to cough up money to bail out the failures like Royal Mail (The Post Office).

This is an interesting example, in fact, because it is already known that if the Royal Mail's Pension Fund is not funded by a BUYER its claims will completely swamp the Pension Protection Scheme. There would be insufficient final-salary schemes to fund its liabilities - which are currently £230 Billion.
Tim Carroll