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| FTSE 100 companies' pension contributions up by 50% |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Wednesday, 04 August 2010 00:00 |
 City of London workers holding positions in FTSE 100 companies made record pension contributions in 2009, it has been revealed, in an attempt to cut the index's aggregate deficit from £96 billion to £51 billion.Conducted by Lane Clark & Peacock (LCP), the study found that businesses paid £17.5 billion into their benefit schemes throughout last year, a 50 per cent climb on the outlay of £11.7 billion seen in 2008. Royal Dutch Shell's contribution of £3.3 billion was the largest, while Lloyds, Royal Bank of Scotland and Unilever threw more than £1 billion into the ring. However, the report also found that eight companies, including Rolls-Royce, Invensys, British Airways and BAE Systems, directed more money into their pensions than in shareholder dividends. "Pension policy in the private sector is now driven almost exclusively by financial considerations, which is understandable given the sums involve," LCP partner Bob Scott said. This comes after the government announced that the default retirement age would be scrapped as of October 2011. Posted by Mary King 
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