Final salary schemes
Final salary pension schemes entitle the pension holder to a level of income equal to or a proportion of their final salary.
These types of pensions are becoming increasingly rare and are often closed to new members as private companies have realised the cost and many companies have attempted to plug the hole in their pension fund.
If you are lucky enough to be in a final salary pension scheme you should continue contributing to this to receive the greatest benefits.
Many of the firms that were operating these schemes have switched to career average or defined contribution schemes.
- 9 in 10 final salary schemes closed to new recruits
- Regulations place final salary pension schemes at risk
- Governor King to present final quarterly inflation report
- Final salary pensions at 'tipping point'
- Barclays drops final salary pension
- Final salary pension schemes under more threat
- Final salary pensions "unsustainable" claim 96% of firms
- BP to close final salary pension scheme
- OFT to probe new auto-enrolment company pension schemes
- Now IBM looks at cutting final salary pension scheme