Latest NewsFebruary 2010The demise of defined benefit pension schemes The writing is on the wall for final salary pension schemes, with nearly nine out of ten defined benefit pensions closed to new entrants, according to a survey of more than 300 larger employers by the Association of Consulting Actuaries. Existing schemes are also likely to be hit by the introduction of the new personal pension schemes, now known as National Employment Savings Trusts (NEST), in two years' time. Almost 60 percent of employers plan to review their schemes ahead of 2012, with nearly a quarter planning to reduce the benefits provided and 15 percent considering closing their scheme in favour of NEST. This figure jumps to 41 percent for firms with less than 250 employees. Many employers are looking for the cheapest option possible, and are considering reducing their contributions to existing schemes down to the three percent required by NEST. |
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Birchwood Investment Management Ltd is authorised and regulated by the
Financial Services Authority as an Independent Financial Adviser.
The value of investments can fall as well as rise and past performance is not a guide to future performance.
IFA Hertfordshire | IFA Welwyn
The value of investments can fall as well as rise and past performance is not a guide to future performance.
IFA Hertfordshire | IFA Welwyn