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11-Apr-08 10:48 [Pensions]
Employees to lose pension schemes due to personal accounts When the government introduces its new personal accounts in 2012, more than 300,000 employees will lose their existing pensions scheme benefits, according to new research.
A report from Fidelity International has suggested that seven per cent of pensions schemes could be closed down when the new system is brought in.
Simon Fraser, president of Fidelity's investment solutions group, said: "The government's original intention for personal accounts was to complement rather then compete with existing provision, but our findings reveal that this will not be the case."
The survey also revealed that 11 per cent of finance directors who responded, said that they would be keeping their existing employees in a company scheme, but they would not be allowing newcomers access to it.
In related news the National Association of Pension Funds has said that the personal accounts will have a longer lasting effect than the London Olympics, which are in the same year.
The Scottish Premier League (SPL) will not be delayed this weekend after the division's referees were given a £225 pay rise per game, it has emerged.
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Workers on the Metropolitan Line of the London Underground have begun a 24-hour strike today in a dispute over staff transfers, it has been reported.
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New research from the Prudential has revealed that over one in three working-age adults have lost sleep over retirement worries, particularly in the face of a rising bills, higher house prices and a general sector slowdown.
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