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Companies claim pensions Green Paper is ‘inadequate’

by Personnel Today 1 Apr 2003
by Personnel Today 1 Apr 2003

More than 90 cent of employers believe Government plans to simplify pensions
outlined in its Green Paper are inadequate and will not encourage greater
occupational pension provision.

This is according to the Association of Consulting Actuaries (ACA) survey,
Pensions Reform: too little, too late?, which also reveals that 68 per cent of
the 336 firms polled feel the plans will ease administration.

The survey – released to coincide with the closure of the Green Paper
consultation – finds that 95 per cent of employers think the Government needs
to also review state pension provision if it wants to help people to save
effectively for retirement.

The findings show that in the last six months, 29 per cent of employers have
reviewed their pension arrangements and 17 per cent have closed their final
salary pension scheme to new entrants.

ACA chairman Gordon Pollock said he was disappointed that fewer companies
are now offering occupational pensions.

www.aca.org.uk

Changes in pension arrangements   

Over 5 years to
Aug 2002                   In last six
months                    Total   

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Closed final salary scheme to new entrants        46%                                                     17%                                                     63%
Closed final salary scheme to future accruals      9%                                                       –                                                           9%
Moved more employees onto money                 14%                                                     8%                                                       22%
purchase schemes

Source: Association of Consulting Actuaries

Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

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