Defined benefit pensions ‘still have a future’

After a noteworthy week for pensions with BP, Barclays and Morrisons all closing their final-salary pension schemes to either new or existing members and introducing alternative models, we ask Charles Cotton, CIPD adviser, reward, to interpret the changes in the FTSE firms
 

It’s untenable to have a normal retirement age in public-sector schemes that is significantly different from the state retirement age

Brian Bailey, Director of pensions, West Midlands Pension Fund and member of High Pay Commission