I noticed the announcement last week that the Scottish Federation of Housing Associations Pension Scheme (“SFHAPS”) has been renamed the Scottish Housing Association Pension Scheme (“SHAPS”).
I’m sure the strategic removal of the “F” from the acronym will re-assure members about why their pension scheme unding has allen from just below eighty-ive percent to less than sixty-ive percent in 3 years and less than ifty percent on the PP(F) basis!!
Is the move a result of SFHA no longer wishing to have its name associated with the plan in the same way that the Scottish Council for Voluntary Organisations took a similar decision? It is perhaps worth noting that shortly after the SCVO Final Salary Pension Scheme became the SVSPS the decision was made to close the scheme from April 2010?
Is this an example of a bit of deckchair re-shuffling on the Titanic? The problems associated with this scheme, and indeed many others in The Pensions Trust armada, are well documented in this blog . It doesn’t appear to be a happy ship and undoubtedly the removal of an aberrant letter comes up well short o the undamental ix required!
I may be being a tad acetious but the situation is ar rom lippant!!