Final Salary Pension Schemes have closed to new members at the fastest rate on record according to the National Association of Pension Funds. A survey of 280 members covering over a 1000 schemes with 9 million members revealed just 13% of final salary schemes were open to new staff last year.
[blockquote align=”right”]no one is safe[/blockquote]
Of these 13% still open, 46% plan to close to new members offering them the defined contribution route instead (think personal pension style). Latest statistics state around 30% of the closed schemes but open to existing members plan to cut accruals and increase contributions or even close altogether.
So as you can see no one is safe anymore, we live in a different world where you need to look after yourself and rely on no one. No Government or Employer is going to treat you differently because they like you and really appreciate all the years you have given in good service.
Without meaning to sound rude but “WAKEY, WAKEY” seems to pop into my head!