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Private sector sees change in final salary pensions

The number of private companies that have closed their final salary pension schemes has gone up by a third in the last year.

A report by the National Association of Pension Funds suggests that nearly a quarter of pension schemes are also shut to new staff and to future contributions from people who already have pensions. That figure is up by a third since 2010.

The NAPF has also found that 30% of companies expect to close their pension schemes entirely in the next five years.

Radio 5 live Wake Up To Money spoke to Joanne Segars, the NAPF's chief executive.

Wake Up To Money broadcasts weekdays 0530 to 0600 on Radio 5 live.

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  • 15 Dec 2011