FSA cuts scheme deficit by £7.4m over 2011

The FSA runs two schemes: a non-contributory final salary scheme, which closed to new members in 1998 and to future accrual in 2010; and a defined contribution scheme of which managing directors Margaret Cole and Martin Wheatley are members. Chief executive Hector Sants and chairman Adair Turner are not members of either pension scheme. Between 2011 and 2012, the deficit within the final salary section of the scheme fell from £112.2m to £104.8m. The level of unfunded liabilities remained constant at £2.3m over the period. According to the watchdog's annual report, published today, ...