Hargreaves Lansdown: Funding rate is essential

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Hargreaves Lansdown: Funding rate is essential

Tom McPhail, head of pensions research at the company, stated that a good pension plan would "recruit, reward and retain" employees, who are likely to begin to ask for a greater contribution from their employer.

He said: "The aftermath of the collapse of final salary schemes will be a world where individuals have to take an interest in their retirement savings and will look to their employers [for] help."

The insurance providers Gallaher, Experian and Bupa are among those to have been recognised for their funds recently, with each awarded the Pension Quality Mark award at the National Association of Pension Funds' Investment conference before.

According to the Pension Protection Fund, the national pension scheme deficit improved from £15.9 billion to £15.1 billion from January to February this year, and is less severe than last year's debt of £204.7 billion in February.

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