Small businesses still offer final pension schemes

One-in-five
small and medium businesses are still offering final salary pension schemes,
according to a new report.

The
report, by Momentum Financial Services, shows:

–
21 per cent of SME’s offer final salary schemes

–
16 per cent of SME workers receive no employer contribution to their pension

–
72 per cent of SME’s believe that independent financial advice is essential in
the pensions market

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But
John Robbie, corporate manger at Momentum, said that most contributions are too
small: "Some steps to improve the pension shortfall have been made with
the introduction of stakeholder pensions but take up has, however, been lower
than desired," he said.

By Quentin Reade