UK - Employer contributions into their final salary schemes have risen by 60% over the last four years, according to Inland Revenue figures.
The statistic was quoted by SPC president Donald Duval at recent conference ‘Tomorrow’s Pensions: New Resolutions for New Realities’ to show that many occupational pension schemes will continue to produce good pensions.
He urged: “People should not be frightened by problems that have hit a few schemes.”
But he warned those without occupational schemes to invest in a private pension or face years of poverty.
He said: “It may sound brutal, but we need to tell people how it is. People must not close their eyes to the dangers facing them and their families at retirement.
“There simply won’t be enough provided by the state pension scheme for people to enjoy a decent standard of living.”
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point