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.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.