Pension News Companies Predict Pension Scheme Change In 5 Years 18447931

Companies predict pension scheme change in 5 years

31 January 2008 / by None
A new survey has shown that most companies believe final-salary pension schemes will undergo a change over the next five years.

Figures show that just one in four private sector companies think they will implement no change to their pension schemes during the five year span, reports Personneltoday.

The survey was conducted by the National Association of Pension Funds (NAPF) and has revealed that, of 310 respondents, 22 per cent predict they will alter their schemes while 15 per cent think new employees will be entered into defined contribution schemes.

Such a change would mean that human resources would play a vital role in company pension plans, the report continues.

Commenting on this, NAPF chief executive Joanne Segars said: “With both the gradual shift from salary-related to money purchase pensions and a competitive labour market, the HR community has a growing and important role to play in good workplace pension provision.”

She concluded that employees will increasingly consult their HR manager for pension-related information, according to the report.

The NAPF is a UK body providing representation for those involved in all aspects of pensions and other retirement provision.

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Written by Editorial Team