UK - Over half of FTSE350 firms have plans to integrate their pension schemes into a wider flexible benefits programme, a new survey shows.
The research – carried out by Towers Perrin – shows that 51% of respondents plan to merge their schemes into a flex package within the next three years.
Partner Peter Routledge added: “The high level of interest in offering cash instead of a pension plan is a direct consequence of the current move to individual employee responsibility.”
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.