Final salary schemes

Final salary pension schemes entitle the pension holder to a level of income equal to or a proportion of their final salary.

These types of pensions are becoming increasingly rare and are often closed to new members as private companies have realised the cost and many companies have attempted to plug the hole in their pension fund.

If you are lucky enough to be in a final salary pension scheme you should continue contributing to this to receive the greatest benefits.

Many of the firms that were operating these schemes have switched to career average or defined contribution schemes.

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Final salary pension schemes are dead and buried

Final salary pension schemes are 'finished'

Final salary pension scheme no longer have a future, a senior pensions expert has predicted.

Deficits in final salary schemes grow

Final salary schemes deficit grows

The deficit on final salary pension schemes has worsened over February, to £218.7 billion, as companies struggle to fund the schemes.

Workers may see their pension benefits slashed

Half of final-salary schemes set to close

Over half of the remaining final-salary pension schemes are set to close to existing members as a result of the economic crisis, an industry body has warned.

More final salary pensions have closed to new memebers in the last year than in the previous two years the NAPF said

More final salary pensions schemes close to new members

The recession has continued to take its toll on private sector final salary pension schemes, according to the National Association of Pension Funds (NAPF).

Final salary pensions are disappearing

9 in 10 final salary schemes closed to new recruits

Almost nine out of ten final salary pension schemes are now closed to new entrants and existing members can expect to see their future benefits slashed, according to a report.

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