Half of final salary pension schemes will close - papers 14 Nov

The research says the cost of running "generous" defined benefit pensions will lead to 46% of schemes shutting their doors to members by 2011. Six out of 10 schemes have witnessed a rise in the expense of maintaining final salary schemes since the Pensions Act 2004. The act set up the Pensions Protection Fund (PPF) under which employers with final salary schemes are obliged to contribute a levy to help compensate those who have lost some or all of their pension as a result of company wind-ups, says the paper. SIR ANDREW Large attacked London’s ban on listed hedge funds as “anachron...