Friends Provident is closing its final salary pension scheme to new members and setting up a money purchase plan from July next year.
And the insurer said contribution rates for existing members would rise from 3pc to 7pc a year by 2010 if they wanted to retain a retirement age of 60. Existing members who do want to pay increa...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date