Firms struggle against rising costs of pension schemes - NAPF

The good news for workers is the NAPF's research has also found the rate of closure of finaly salary schemes to new employees has slowed in the past year compared with 2003 and 2002. Although funding costs have again risen for firms providing pensions, the rate of closures fell to 10% of schemes against 26% in 2003. More than two-thirds, or 71% or respondents have said they increased contributions to staff pension schemes in the past year, while 41% reported increased employee contributions. The cost of funding a final salary pension has increased from 15.7% of a worker's salary in...