Pension scheme 'has too many costs'

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Pension scheme 'has too many costs'

Gordon Forbes, managing director of Caledonia Asset Management, remarked that advisor, trustee and member costs helped to create a debt in the salary pension scheme and not enough assets were available to offset liabilities.

He added: "I think we will probably end up in a situation like they have in Australia, where the only final salary pension schemes are government officials, police force and fire brigade."

In conclusion, he remarked that he thought nobody would be part of a salary pension scheme in the future.

According to the Workplace Pension Survey, published by the National Association of Pension Funds, only 34 per cent of people think their pension will leave provide enough money for retirement.

The Pension Protection Fund recently calculated that there was a deficit in the national pension scheme of £15.1 billion at the end of February, which reduced from £15.9 billion in the month previous.

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