2023-03-13 07:11:25 ET
- Post its decision to take a break from paying into its staff pension scheme, Barclays ( NYSE: BCS ) could save £200M+ annually despite the fund's assets plummeting by £10B in 12 months amid challenging environment.
- Despite a profit of £7B for 2022 , company indicated that contribution holiday which means the cost of the payments it would normally make towards former employees' retirement benefits will now have to be met by the pension scheme.
- The Barclays Bank UK Retirement Fund has ~213K members; while scheme payouts increase each year in line with retail prices index inflation, this is capped at 5%.
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Barclay may save £200M by holding back staff pension scheme payments