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Directors News
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One in three salary-related schemes still open
One third of private sector salary-related schemes are still open to new employees, a survey has revealed.
According to the latest annual survey from the National Association of Pension Funds (NAPF), more than half of people saving in private sector defined benefit (DB) schemes belong to funds which are still open to new workers.
According to NAPF chief executive Joanne Segars, this suggests that a "significant amount of DB provision could survive" if further closures are avoided.
"This makes it even more important that the introduction of personal accounts in 2012 is accompanied by support for employers who keep more valuable schemes open," she claimed.
Ms Segars also pointed out that, while the number of fund choices in defined contribution schemes had risen in 2006, the vast majority of people - 94 per cent - chose to leave their money in the default fund, meaning that the amount of investment choice available in personal accounts would need "careful consideration".
The NAPF survey also revealed that just over half of employees take the opportunity to join pension schemes if they are given the option.
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