UK - Final salary scheme members are paying twice as much into their pensions as employees in money purchase plans, latest figures from the Government Actuary's Department show.
GAD’s 11th survey of occupational schemes found that employee contribution rates to private sector DB schemes were “most commonly” between 5% and 7% of earnings against 2-4% for DC plans.
Employer contribution rates followed a similar, but less startling pattern.For private sector DB schemes, company contributions were seen to range from 10-15%. But for DC schemes, firms were paying, on average, 8% of earnings.
GAD says that around 10% of active employee members of private sector schemes are paying additional voluntary contributions.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.