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Final salary pension schemes set to close

Financial actuaries Watson Wyatt has today delivered a damning indictment on the UK final salary pension scheme sector with the revelation that it believes more than 1 million workers will see their final salary schemes closed over the next three years. While this is not a great shock to those who follow the sector, it could signal financial heartache in the future for the potential 1 million people who could become embroiled in the saga.

A survey has revealed that 50% of private sector final salary pension schemes in the UK will close within the next three years, and an additional 28% are likely to remain open for the foreseeable future but under less generous terms for existing members. All in all, the power and foundation which the final salary pension scheme sector has given UK pensioners in the past is set to diminish yet further and push more and more people into poverty. However, for those concerned about the future of their final salary pension scheme, and their future income, it is essential that financial advice is taken regarding your overall financial situation, with specific focus on your pension arrangements.

Even though the situation seems to be getting worse by the month there are still opportunities and options available and advice should be taken as soon as possible.

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