Company will close down final salary pension scheme

Wed, 25 Nov 2009

The telecoms company Telent will close down their final salary pension scheme to all new members. The 2.5 billion pound final salary scheme will be closed to existing members. The group, which is the remnant of failed company Marconi, is owned by the Pension Corporation. The pension decision affects some 56,000 members, including 35,000 who are already drawing a pension .

In other pensions news according to Aon Consulting, the number of people leaving their pension schemes fell to its lowest level this year. The research included 350,000 pension scheme members from defined contribution schemes and defined benefit schemes.

The commercial director of Aon Consulting, Colin Hamilton: "As with predictions for the economic recovery, the shape of member confidence levels in pensions is hard to call but, certainly compared to a year ago or even last quarter, people seem to be much more engaged about their pensions than they were. Greater awareness may well be due to the economic environment, but it may also come down to the fact that messages about the importance of saving for retirement are getting through to members more effectively."
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