According to a former advisor to the government, every private sector final salary pensions scheme could have disappeared within a decade. This type of pension scheme has been diminishing rapidly in the last few years, with employers closing their schemes to new entrants.
Many employees, who banked on final salary pension schemes to provide for retirement will now pay into less generous company pension plans. A former Treasury advisor, Dr. Ros Altmann reportedly commented: "It is inevitable that pension schemes will continue to close."
Employers will now on average pay far less into pensions schemes. The Government Personal Account pension, to be introduced in 2012, will require bosses to pay just three per cent of salary into pensions.
Final salary pension schemes could all be gone in a decade
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Final salary pension schemes could all be gone in a decade
Tue, 29 Apr 2008
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