Companies that trade on the London Stock Exchange's FTSE 100 no longer offer a final salary pension scheme to new hires, according to research by Towers Watson.
Some 13 percent of FTSE 100 employers only ever had a defined contribution pension arrangement, 60 percent of FTSE 100 employers have defined contribution for new entrants only and their defined benefit plan is closed to new entrants but open to future accrual, and 27 percent of FTSE 100 employers have defined contribution plans for all employees and their defined benefit plan is closed to all future accruals, including existing employees, the study found.
For the FTSE 350 employers, 97 percent said their main scheme for new hires is a defined contribution pension scheme.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
