No new recruits for 50% of final salary pensions

first_imgNo new recruits for 50% of final salary pensionsOn 19 Nov 2002 in Personnel Today Previous Article Next Article Comments are closed. More than half of all final salary pension schemes are now closed to newrecruits or to all members of staff, according to research by the Associationof Consulting Actuaries (ACA). Thirty-five per cent of employers have reviewed their scheme in the pastyear and 32 per cent are ‘currently’ reviewing their pensions arrangements. More than 42 per cent of employers are trying to reduce spending on pensionsand 51 per cent are looking to reduce forward pension liabilities. ACA chairman Gordon Pollock called on the Government’s forthcoming pensionsGreen Paper to bolster occupational pensions by offering employers tax or otherincentives if they provide them to staff. The research finds employer contributions into final salary schemes haveincreased by 14 per cent in the past year, while contributions intooccupational money purchase schemes are not increasing to offset deterioratinginvestment returns. Less than 1 per cent of employees at the firms surveyed have joinedstakeholder schemes. Related posts:No related photos.last_img read more