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| Pensions 'must be more flexible' |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Thursday, 17 June 2010 00:00 |
 Pensions must become more flexible in order to absorb the projected wave of defined benefit closures, an expert said yesterday (June 16th).Research released earlier this week by PricewaterhouseCoopers shows that nearly all - 94 per cent - of employers are now planning to cut or reduce their current defined benefit provisions in order to save money following the global economic downturn. It was also revealed ahead of the government's emergency budget - which is set to be announced next week (June 22nd) - that some 32 per cent of companies have closed any future accrual of defined benefits to their existing members of staff, while a further 30 per cent are planning to do so in the future. And according to Dr Ros Altmann, an independent expert on pensions policy and savings, some elasticity in the sector is now crucial in order to avoid this trend from continuing. "Pensions need to be more flexible. At the moment they are a locked box where money is put away and cannot be touched for decades into the future," she said. Posted by Mary King 
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