No FTSE 350 companies will retain a final salary pension scheme open to accrual by 2027, analysis by Hymans Robertson finds.
The cost pressures associated with running these defined benefit (DB) schemes will inevitably mean companies will give up on trying to keep up with growing liabilities. Currently, just 45% of FTSE 350...
Only one in ten opt for an annuity
The Department for Work and Pensions (DWP) will ban the charging of flat fees on auto-enrolment (AE) pots valued at or below £100 and launch work on how to standardise cost and charges reporting.
‘Dramatic’ drop due to pandemic’s economic impact
Unclaimed pots total £19.4bn
For a long time, the road to retirement followed a familiar path. Individuals saved up for a pension during their working life in order to retire at a set age; usually around 65. This path has shifted, however.
Completes legal process
Scepticism towards companies' commitments
GDP falls 2.6% in November