The closure of final salary pension schemes will mean people have to take more responsibility for their own retirement arrangements, it has been claimed.
Matt Bruwin, senior consultant at Bestinvest, explained that workers should seek advice on the matter so they know about all the pension options on offer to them.
"As people will have to take more responsibility for managing their own pensions, they will need assistance and advice to ensure that their provisions will meet their requirements," he said.
Many people try and ignore pensions but it is vital that people look at the issue sooner rather than later, Mr Bruwin added.
The long-term nature of pensions means that planning is absolutely vital, he stated.
Recently, a study by the National Association of Pensions Funds warned that 52 per cent of defined benefit pension schemes could close to new members because of the economic downturn.
The body called on the government to offer a guarantee scheme for the pensions sector similar to the one it has provided for banks .
Pensions warning over final salary schemes
Pensions Quote Line
0845 108 0505
Pensions warning over final salary schemes
Mon, 02 Feb 2009
Recommended links
Pensions information and comparison portalPensions enquiry form
Compare pensions providers and offers
Pension planning guides
Boosting your occupational pension scheme
Denfined contribution pensions
Inflation and your pension
Pension choices
"British pension schemes face serious deficits"
Final salary pension schemes a popular perk, study shows
Final salary pension schemes for public sector workers could be doomed
Final salary pension schemes damage company profit
Company pension schemes closing, study shows
90 per cent of pension schemes face shortfall
NAPF comments on pension schemes
Government Body Undervalued Company Pension Schemes Deficit
More pension schemes to close
Cameron calls for reform of MP pension schemes
Brits not joining pensions schemes "are losing out"
Pension schemes take a hit
Members of pension schemes may be worse off in retirement
Many final salary pension schemes to close
Older people make excuses for not saving money in pension schemes
Risk sharing schemes for pensions could be beneficial, says Farr
Royal Mail will close some pensions schemes
Scottish Life advises on salary sacrifice schemes
Final salary pension schemes could all be gone in a decade
| pensions news |
|---|
| Sipps need to be taken to where the most money is - Thu, 02 Sep 2010 |
| NAPF: Pensions tax relief changes risk ensnaring non higher earners - Wed, 01 Sep 2010 |
| Pension fund deficits a worry for workers - Tue, 31 Aug 2010 |
| More News |
Pensions Newsletter
Monthly pensions news, provider info & more.
Transferring a Pension
Learn more about pension transfers and enquire about transferring your pension.
SIPPs
Read up on Self Invested Personal Pensions and take control of your pension fund.