Pension plans are worth joining

Fri, 26 Sep 2008

According to recent reports from the Office of National Statistics, membership of work pension plans is gradually declining. Work-based pension schemes were found to be falling in popularity in the Occupational Pension Schemes Annual Report.

The number of employee members fell by 400,000 between 2006 and 2007, whilst pensions being paid out climbed by 300,000 in the same period. The use of final salary pension schemes has continued to fall in the private sector, whilst it rose slightly in the public sector.

Much more common now are defined-contribution pension schemes, in which the level of return is based on contribution levels, investment returns and annuity rates. Defined-benefit schemes are more expensive for employers to run, and are gradually becoming less common.
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