Contining Defined Benefit concens
A recent survey by PricewaterhouseCooper confirms the concern of many businesses, including 29 in the FTSE 100, about their pension liabilities.
This is yet another indication of the changes which will be coming to many members of defined benefit pension schemes.
Of the survey of 98 companies, almost half, 48% indicated their intention to redesign benefits.
Most schemes have already both changed design, for example increasing retiement age and/or employee contributions as well as closing schemes to new members.
Many will feel the next step will be to close schemes for future accrual, moving existing members onto defined contribution arrangements for future service.
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