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Latest News

Top execs get lucrative pension deals

by Personnel Today 26 Aug 2003
by Personnel Today 26 Aug 2003

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.

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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.

By Michael Millar

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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