CITY VIEWS: HAVE WE SEEN THE END OF THE FINAL SALARY PENSION SCHEME?
RON BRADLEY DBM CONSULTANTS
“Those who still have a final salary pension scheme are very lucky. It will be everybody for themselves in the future, and up to individuals to look after themselves in retirement. There has been a corporate retreat on pensions and financial responsibility. I use SIPP – a Self Invested Personal Pension.”
DAVID SIMKINS ENGINEERING CONSULTANT
“We’ve definitely seen the end. Lots of FTSE 100 companies – including ones I’ve worked for – have stopped the service. It’s an attractive package to entice employees, but companies just can’t afford it anymore. It’s not a viable option, and we won’t see it come back.”
MICHAEL BROWN ROTHSCHILD
“This probably is the end of the final salary pension scheme. Private pensions are the way forward. We’re seeing everything moving that way now. It’s not in the interests of big companies to provide such schemes for its workers. This has been the trend for a while.”