Government pension policy is failing

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Financial Services > Pensions > News

Government pension policy is failing

Mon, 04 Jan 2010

Nine out of every 10 final salary pension schemes have now been closed to new members, whilst one in five has closed for contributions. The vast majority of employers believe that government pensions policy is failing.

The results were picked up in the 2009 Pensions Trend survey conducted by the Association of Consulting Actuaries . Just 6% believe that the government scheme support workplace pension schemes was actually working.

Automatic enrolment into pension schemes, starting from 2012, is causing concern for many employers. The forthcoming changes will force companies to review their existing pension scheme arrangements. Just 32% of employers are thought to have budgeted for auto-enrolment.

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