Companies 'finding it hard' to offer pensions to new starters

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Companies 'finding it hard' to offer pensions to new starters

Many businesses across the UK are finding it increasingly difficult to find the funds to offer attractive pensions schemes to their new starters, it has been revealed.

Robin Ellison, head of strategic development for pensions at Pinsent Masons, said there are now very few defined benefit schemes open to new workers as the unintended consequence of greater regulation has closed this route for many.

He commented: "There are new kinds of defined benefit schemes being developed as we speak, and I would have thought that in the next six months to a year we'll begin to see alternatives being offered."

Indeed, Mr Ellison noted the German book reserve system or unfunded schemes will be the likely solutions to this problem.

According to research from the Association of Consulting Actuaries, nine out of ten private sector organisations no longer offer defined benefit schemes to new entrants, while some have also curbed contributions to their existing schemes.

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