With final salary pension schemes almost a thing of the past in most private sector companies, it appears that 2009 will see more and more companies shut down their defined benefits pension schemes to new members.
Pension consultants Watson Wyatt made it clear that defined benefit schemes being closed by well-known companies could create a snowball effect and cause thousands of schemes to close down.
The head of defined benefit consulting at Watson Wyatt, John Ball, reportedly commented: "It is a trend that is likely to pick up this year. Resistance from employees, unions and trustees is likely to be lower in an economic downturn, especially if presented as an alternative to job cuts. If a few more household name companies take this step, there could be a snowball effect."
More pension schemes to close
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More pension schemes to close
Wed, 14 Jan 2009
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1998 - 2009 UK Pensions - Planning before, at the onset and during retirement.
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