hold at SATAN
The trustees will not demand 37% for underlying costs but enough for the fund to be able to continue paying out for current pensioners (and not future pensioners)
No - they will try to ensure that, at any time, the fund is able to cover
current liabilities, which includes payments to current pensioners and all future pensions earned
to date. (In a year's time, the current pensioners will have changed and the earned future pensions will also have changed.)
The current liabilities for an ATCO about to retire will be about £1million, for a 20-year-old MSG7 with one month in the scheme about £500 but they will both need to be covered by the scheme's assets - if the scheme is closed to everyone now, it will have to be able to cover the rights that both have earned.