Engineering pension cuts

ENGINEERING firm Halcrow is making cuts to pensions for its thousands of savers in a bid to keep itself afloat.

It is slashing its 5pc pension fund annual increases under a new scheme, and will instead link them to the Consumer Prices Index – a key measure of the cost of living – which in April was 0.3pc.

The 3,300 pension savers will be given a one-off boost of 2.5pc to their savings to soften the blow, should they choose to join Halcrow’s new scheme.