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Latest NewsPay & benefitsPensions

Pension fund association to reveal rising cost of final salary schemes

by Personnel Today 15 Nov 2004
by Personnel Today 15 Nov 2004

The National Association of Pension Funds (NAPF) will reveal new evidence of the soaring costs facing employers running final salary schemes this week.

Employers face an estimated £360bn bill for meeting all liabilities under current regulations.

At this weekÕs NAPF conference in London, Alan Rubenstein, the managing director of European pensions at Morgan Stanley, will highlight the extent to which employers are concerned about the costs of pensions and the risks associated with continuing to offer them.

Employers are believed to be facing a near doubling in contributions to meet new regulations associated with salary-related schemes.

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The NAPFÕs annual survey of pension funds, to be published next week, will show that the rate of scheme closures has slowed from last yearÕs high of 26 per cent.

Christine Farnish, chief executive of the NAPF, told The Telegraph: “Our detailed figures will reveal the true extent of the burden for employers, which is horrendous. There are many responsible employers out there, desperately attempting to manage these difficulties, but the burden of costs is going to make this increasingly impossible for them to do.”

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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Personnel Today
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