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The changing pattern of private sector pensions
The landscape of pension schemes in the private sector of the UK is experiencing a substantial shift at the moment.
This is according to new research conducted by the Pensions Policy Institute (PPI), which highlights that defined benefit pensions have taken many hits since their heyday in the late 1960s.
Looking into this decline, Niki Cleal, the director of PPI, commented: "Employers and pension scheme trustees are using a range of strategies to reduce the risks and costs of offering defined benefit schemes in the private sector."
However, the requirement of employers to automatically enrol all of their company's eligible employees into a private pension from October 2012 is set to change the outlook of pensions for years to come.
In fact, the PPI has forecasted that 16 million people will be eligible for defined contribution pension schemes by 2020.
Although the new pension rules come into effect on October 1st, the duties of individual employers will be rolled out gradually over the next five years, with all changes based on the size of a company.
Thomsons Online Benefits can help you to offer high quality, well managed, engaging and low risk company pensions to your employees.
Posted by Editorial Team
June 28th 2012
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