8
Jun/090
Jun/090
Workers paying more for pensions
Members of final salary pension schemes are having to make higher contributions, according to a report from actuary firm Watson Wyatt.
Members of the 100 largest company pension schemes are now having to contribute on average 5.2% of salary.
Last year, the average member contribution was 4.6% of salary.
Final salary pensions still represent an excellent deal as they can lead to a higher retirement income than money purchase schemes, Watson Wyatt added.
Companies have increased contribution rates in order to ensure that they can fund their final salary schemes in the future.
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