28 April 2008
Former Government adviser Dr Ros Altmann has warned that all
private sector final salary pension arrangements could be gone
within ten years after the Pensions Regulator revealed that 214
final salary schemes were closed to new members in 2006.
Dr Altmann is concerned that thousands of workers do not
understand the financial impact of losing a final salary pension,
with companies paying around 15% of an employee's salary into such
a fund each month. Lower contributions are made to cheaper
schemes.
