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What some companies are doing now is closing the final salary scheme to eligible employees and shifting everyone into a defined contribution scheme. No one loses out as their contributions in the final salary scheme are ring-fenced and paid out at retirement age.

The final salary pension will be paid out as a pension plus a lump sum , the new scheme will end up with a separate pension pot which will buy an annuity.

I am a BT "deferred pensioner" , I took redundancy and left 10 years ago and I get my pension at 60. If I had remained at BT I would be in a similar position to you , all the contributions you've made into the final salary scheme are safe and cannot be "Maxwelled". If there is a replacement...