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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | April 2009 (9 blogs) | Are pensions withering on the vine?
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Are pensions withering on the vine?
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Much of today’s news focuses upon not whether, but when, other employers will follow Aon’s lead and move to cut pension benefits because of financial pressures caused by the recession.
Aviva, for example, has announced that it will ask employees to start to contribute to its defined contribution scheme.
If speculation turns into reality, more and more employees will be faced with the decision whether to have their salaries or their pensions cut. The question though, is whether the recession is the genuine reason or whether the current proposals for Personal Accounts is being used to dumb down existing pension provision. Only time will tell. See:
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Mike Jones, MyCompanyPension.co.uk Ltd, April 9th 2009
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