Britain's Trades Union Congress (TUC) has reacted with fury to the decision of Marks & Spencer to close its final salary scheme to new members, and offer them a defined contribution scheme instead.

Its reaction demonstrates that the issue of pension fund closures has become highly politicised in the UK. The Government has suggested to the Accounting Standards Board that it could weaken FRS17, the new accounting rule which insists that the worth of pension funds should be marked to market. But the ASB has, so far, been determined to defend the standard.