The Wrong Target Companies That Are Cutting Staff Pensions Could Be Making a Big Mistake
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Summary
IT is almost as if the actuarial profession has decided, in recent weeks, to prove once and for all that its members' reputed lack of imagination is a myth. Just when it had appeared there were two mainstream options for solvent companies' pension arrangements - keep final salary scheme open to new members or do not and offer a generally inferior money purchase plan to joiners - there appeared a raft of other ways to cut provision.
What we have seen in recent weeks has really been the second wave of cuts in UK corporate pension provision, as companies and their actuarial advisers struggle to come to terms with low inflation and higher life expectancy and, here and there, with past "holidays" from employer contributions.See the full content of this document
Extract
The Wrong Target Companies That Are Cutting Staff Pensions Could Be Making a Big Mistake
This latest wave, which comes years after many big companies closed their final salary schemes to new members, was launched in fairly spectacular fashion by Rentokil. Its ann...
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