Re-Heat:
Are you sure that you are not really LCG
I am quite sure who I am thank you
A 30 year baggage handler can cost the company £35M, still get a full final salary pension and provide zero flexibility. A 30 year retired Captain's pension drawn from today will exceed my total career earnings for about a third of my remaining career.
That is why there is such a problem.
If you underestimate what the new regulator will do to companies who fail to fund their promises, or find some agreement with staff to reduce the promises made to underfunded schemes, if could well be companies going down the pan along with any hope of refunding underfunded DB schemes.
At least as a DC scheme member, newer employees don't run the risk of losing the whole lot if the company fails. DB scheme members are in a far worse position having to fully fund retired members' pensions before all others. You could end up with the state pension - or less if you contracted out.
Would you not incentivise management to come to an agreement through bonuses? Far cheaper than actually being forced by PPF to follow their plan.