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Monday 25th August 2008
News that only 1 in 6 final salary pension schemes are now open to new comers is a reflection of the death of final salary schemes due to a number of factors. The 1 in 6 figure is down from 1 in 4 last year and 1 in 2 just five years ago. So what is happening?
The move to block new entrants to final salary schemes is due to a number of changes in the way funding positions are calculated, greater life expectancy and above all the cost of ensuring such schemes are able to cover their liabilities. The move to money purchase schemes whereby you use your pension fund to buy the best annuity in the market offers no additional liability to pension trustees as the underlying member has no guaranteed pension level.
The survey by Aon Consulting is yet another nail in the coffin of the final salary pension sector although those which are still open to new members are actually using this angle to attract the best quality staff around. Whether the added cost of funding the new member’s pension will be outweighed by their contribution to the underlying company remains to be seen. |
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