THE current financial turmoil looks set to hasten the demise of final salary pension schemes, research shows.
Four out of 10 of the defined benefit pension schemes, including final salary ones, that are still open to new members expect to close their schemes to new entrants in the coming three years.
At the same time, a quarter of schemes that have already closed to new members, which covers the majority of defined benefit pensions, think they will also close to future accruals in the near future, according to consultants Watson Wyatt.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article