It seems many pilots really believe they are going to pick up a final salary pension when they retire. If you watched the Channel 4 documentary 30 minutes the other night you may start to believe otherwise.
If the company you work for goes bust or is sold your pension is more than likely to evapororate into thin air. As 30 minutes pointed out, YOUR PENSION BELONGS TO THE COMPANY, NOT YOU! The company may just decide to wind it up and there is not a legal thing you can do about it.
The new goverment protection scheme is similar to a pension itself, if the scheme runs out of money, you kiss goodbye to your pension. The scheme it was modelled on in the States currently is a disaster with a mult million defecit.
30 minutes has published some information on its web site
www.channel4/30minutes. This also contains a letter that has been drawn up by a legal eagle that you should send to your CEO. If you do not get it back signed saying that the company will honour its pension obligation the writing is on the wall.
Whats BALPA doing about all this or as usual are they just sitting on the fence? The pension problem is the most serious threat to pilot employment and retirement but is not being treated seriously. The time to act is now, not when you find yourself retired on a state pension.
Sorry, that should have been
www.channel4.com/30minutes