Directors escape pensions damage
Monday 05 June 2006
Company directors are the one class of British worker to remain relatively unscathed by the decline in final salary pension provision, according to research by the pensions adviser, Origen.
Despite a collapse in the number of final salary pension schemes open to new members over the past five years, with some employers even closing the schemes for existing workers, just 5 per cent fewer company directors have access to a final salary plan today than in 2001, Origen said. It added that 45 per cent of senior executives at larger companies remained members of a final salary pension scheme, where employers guarantee a set level of pension in old age. However, two-thirds of these schemes have been closed to new members.
Instead, most employers have switched to money purchase pension plans, where staff have to accept the risk that their pensions will be hit by disappointing stock market returns.
The average combined contribution of employers and employees to money purchase plans is now 11.7 per cent, Origen said, compared to 13.5 per cent in final salary schemes.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Doctors remove 80 teeth from boy's jaw
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...