Printer Friendly

Pensions 'in fastest closures'.

FIRMS have closed final salary pension schemes to new staff at the fastest rate on record, new research revealed today.

The National Association of Pension Funds (NAPF) said only 13% of final salary pensions were open to new joiners last year, a fall of a third from 2011.

It was the biggest reduction since comparable figures started in 2005, when almost half of private sector schemes were open to all employees.

The association's annual survey also showed that the defined benefit funds were increasingly closing to workers already in them.

Higher liabilities created by quantitative easing and low gilt yields have prompted a "barrage" of closures, said the NAPF.
COPYRIGHT 2013 MGN Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Huddersfield Daily Examiner (Huddersfield, England)
Date:Jan 28, 2013
Words:109
Previous Article:Baby in icy dock saved.
Next Article:PARKING COSTS TRIPLE FOR HOSPITAL STAFF; 220% rise for monthly permits.
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters