Britain sees ‘seismic collapse’ in workplace pensions

(From The Telegraph) -- The Association of Consulting Actuaries (ACA) said that in the last year alone a fifth of all private sector final-salary pension schemes have closed to existing members because companies can no longer afford to run them.

It also found that one in three large companies is looking to cut its overall spending on pensions in the future.

More than 3 million people are active members of occupational pension schemes, which both they and their employers contribute to.

The schemes include final salary schemes as well as less generous defined contribution schemes. This is a fall from 8 million members in the late 1960s.

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