|
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 job evaluation scheme of the NHS, Agenda for Change, was confirmed as unreliable in providing evidence of a job's previous value, it has emerged.
Find out more>
High-street retailer Marks & Spencer (M&S) is planning to cut redundancy benefits for 60,000 staff, with the possibility of up to 25 per cent being wiped from the maximum claim, it has emerged.
Find out more>
Pension credit rises will be wiped out by inflation, resulting in two million pensioners losing up to £100 this year, it has been claimed.
Find out more>
|
