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Latest NewsPay & benefitsPensions

Private sector firms drop pension schemes

by Georgina Fuller 31 Mar 2006
by Georgina Fuller 31 Mar 2006

The number of private sector employers offering pension provisions has fallen by 8% in the past three years, according to research by the Department for Work and Pensions (DWP).

About half of private sector companies (52%) offered pensions to their employees in 2003, the Employers’ Pension Provision Survey 2005 found, but this fell to 44% last year.

Just 6% of the 2,401 companies surveyed by the DWP and research consultancy BMRB contributed to an occupational pension scheme and only 2% had a scheme which was open to new employees.

Less than one third (29%) of employers also provided access to stakeholder pension schemes, compared with 35% in 2003.

The report is intended to provide an up-to-date picture of pension provision by private sector employers.

The average employer contribution in the past two years was found to be 10% of employees’ salaries for open defined benefit schemes with more than 10 members, 5% for open defined contribution schemes with more than 10 members, and 5% for group personal pensions.

www.dwp.gov.uk/

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Pensions Watch

 

Georgina Fuller

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