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Staff are losing out as top executives are rewarded lucrative pension schemes that are denied to workers, according to new research.
A survey by Towers Perrin, the global management consultant, found that almost 70 per cent of FTSE 350 companies are still offering new executives defined benefit schemes, under which they are guaranteed a level of income in their retirement, usually based on two-thirds of their salary.
Employers are increasingly offering employees defined contribution schemes, which accrue over the workers' career and are vulnerable to changes in the stock market.
Research by the National Association of Pension Funds (NAPF) has found that the number of companies offering defined benefit schemes to those not at executive levels has dropped 40 per cent in the last 12 months.
