Final salary pension warning

Fri, 31 Oct 2008

Employers are closing final salary pension schemes hand over foot, and according to one pensions consultant, 2009 will see the death of this type of scheme.

According to Aon Consulting, final salary pensions schemes have lost billions during the financial downturn. The value of defined contribution pensions has also slumped in the last year.

Marcus Hurd, of Aon, was reported as saying: "Just as employers thought the economic news couldn't get any worse, they are likely to be hit by more big bills to pay for their pension schemes when they can least afford it."

Approximately four million people in the UK have a defined benefit pension scheme provided by their employer. Aon called for sensible financial planning to deal with the crisis.
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