More information on pension plans

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first_img Comments are closed. Asurvey of UK employers reveals that 21 per cent of those offering a finalsalary pension scheme plan to close it.Thesurvey of 252 employers by Employee Benefits magazine shows that nearlythree-quarters of employers with such pension schemes think staff do notappreciate the cost and effort that goes into running the scheme. About halffeel their staff do not understand their pension.Themagazine believes this is partly because pensions are complex and partlybecause employers are not communicating with their staff. DebiO’Donovan, editor of Employee Benefits, said final salary (also known asdefined benefit) pension schemes are proving expensive as a result of thedownturn in the economy.Sheadded: “Both the Government and employers, especially those which offerdefined benefit type schemes, need to make more of an effort to educate aboutthe need to make higher contributions, or to be prepared to work long past theage of 65.” More information on pension plansOn 16 Apr 2002 in Personnel Today Previous Article Next Article Related posts:No related photos.last_img read more