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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
