Originally Posted by
Cuillin Hills
The Monarch owners, quite simply, didn't wish to meet their obligations to the Monarch Final Salary scheme.
There isnt a company on the planet that can afford to replace the shortfall on pensions schemes. The simple fact is that defined benefit schemes were from a bygone age and have not changed the reflect the longer lives of people and the lower returns available in the market.
I completely understand those who express themselves as 'I was promised' because it will feel particularly hard, but what you were promised was upon a particular set of circumstances which have changed radically and you've not been paying enough to match the new reality.
You certainly do have every right to complain that you werent advised early enough of the changed circumstances, but if there isnt enough money, there isnt enough money and no government is going to bail you out completely. Even if you were told early enough, there simply isnt enough money in defined benefit pension schemes to fund all the promises and an employer going to the wall to try and fund some of the shortfall isnt going to happen either. Most people simply couldnt afford the payments to get the same level as a defined benefit scheme.
Personally I had a decent offer to buy out my final salary pension scheme
at 55 years old which was particularly good so I took it but there's no way i would buy an annuity as those are even worse.