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Measures taken by Barnardo's to repair a £45m hole in its pension fund have been hailed as exemplary by the professional body representing the employer-sponsored pensions movement.
The charity's £230m final-salary pension scheme, which links pension pay-outs to employees' final salary prior to retirement, was floored by last year's stock market fall (Third Sector, 22 October 2003).
But instead of abandoning the scheme in favour of a cheaper option, Barnardo's presented staff with several new variations of the existing scheme.
The National...