Firms actively considering closing final salary pension schemes

A
survey of 940 firms shows 225 have already shut their final salary pension
schemes and 113 are considering doing so.

The
TUC says the CBI/Mercer Employment Trends Survey confirms the flight from final
salary pension schemes.

Speaking
as the TUC annual conference starts, John Monks, TUC general secretary said:
"We praise the companies who are sticking with their pensions promise, but
the news that more than 100 further companies are actively considering closing
their final salary schemes is further evidence of Britain’s growing pensions
crisis.

"What
is worse is that the majority of these companies appear to be keeping their
staff in the dark about their plans, as unions are not aware of that many
companies planning to close their schemes. The survey is, however, bound to
cause uncertainty in many workplaces this morning.

"Perhaps
inadvertently, the CBI has underlined the importance of two major issues to be
discussed at the TUC later today (Monday) – pensions and the need for
information and consultation rights for staff."

By Quentin Reade

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