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It doesn't protect Serps, the state second pension, widows' pensions, deferred pensions and so on.
It will be at pains to demonstrating careful budget management the more so since a $29.5bn IMF credit line lapses early in the year.To watch: Deferred pensions.
The letter to pensioners and those on deferred pensions from Tony Odams de Zylva, head of the pension schemes executive, said: "Your pension payments will not be affected by this change.
Initially this will hit 175,000 BT pensioners who were members of two schemes dating back before 1986 and 91,000 members with deferred pensions.
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The office is also concerned about a risk to the credit ratings of municipalities if they carry the additional liability of deferred pension obligations on their books.
In a letter to the Commons Treasury Select Committee, RBS admitted that if Sir Fred, 50, had been dismissed, he would have been entitled to a deferred pension of £416,000 a year at the age of 60.
But Marc Hommel, pensions partner at PWC, says there is also growing interest in new techniques, such as offering transfers to employees who have left the company but retain deferred pension rights.
The new law gave airlines, steel makers and other companies the option to defer pension funding during the subsequent two years.
An estimated $8 billion budget deficit looms next year, and his tax cuts and rebates could expand that, but Mr. Christie now says he will largely follow the governor's lead in closing the gap: saving $2 billion by deferring pension contributions and reaping a hoped-for $2 billion in additional federal stimulus aid.
When companies defer pension contributions, which are tax deductible, they pay higher tax bills — until the companies have to make up all those deferred payments.
§ 422.122 Information on deferred vested pension benefits.
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