Guaranteed pensions percentage slipping

Wed, 03 Oct 2007

According to recent research, more and more companies are choosing to offer inferior pension schemes to their employees, at least in Ireland .

A fresh report conducted by the Irish Association of Pension Funds indicates that the percentage of companies offer a defined benefit scheme has slipped by almost half in the last five years, from 67 per cent in 2002 to 37 per cent.

This type of pensions provides employees with a guaranteed income upon retirement . More companies are now offering defined contribution schemes, where fixed payments are required but a guaranteed level of income is not provided.

The chairman of the IAPF, Patrick Burker, reportedly commented: "The findings emphasise that the responsibility and risk of securing an adequate income in retirement is increasingly moving to employees. But our study suggests that many are not fully aware of the extent of this major change in the pensions' landscape or, at an individual level, of its implications for them personally."
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