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Latest News

Employers pull plug on final salary pensions

by Personnel Today 6 Mar 2002
by Personnel Today 6 Mar 2002

Nearly
50 per cent of final salary pension schemes have been closed to new entrants
because of concerns over spiralling costs, according to research by KPMG.

The
study found that 88 per cent of companies with final salary schemes saw their
pension costs rise in the past few years and two-thirds expect costs to
continue rising unless decisive action is taken.

The
research claims many employers are already switching from final salary to
defined contribution schemes. It reveals that:

●
only a third of firms now operate a final salary pension scheme

●
28 per cent operate a defined contribution scheme

●
36 per cent operate both – evidence that change is already under way.

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David
Fairs, partner in KPMG Pensions said: "It is vital employees make much
higher levels of contributions and are aware of the risks inherent in not doing
so."

Fairs
said pensions are now costing business at least 15 per cent of payroll.

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).

previous post
M&S latest to shelve final salary pension
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Personnel Today
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