Liberal Democrats in Business

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¼ Of Final Salary Schemes Close: Pension Time Bomb Still Ticking

3.51.55pm GMT Thu 20th Nov 2003

Today's reports that the number of companies closing their final salary pension scheme to new members has continued to accelerate is yet another sign of the failure of the Government's pension policy, Steve Webb MP, Liberal Democrat Shadow Work and Pensions Secretary, said today.

Commenting on the survey by the National Association of Pension Funds (NAPF) which shows that 26% of final salary schemes closed to new staff in 2003, Steve Webb MP said: "This is yet another sign of the failure of the Government's pension policy. Final Salary Schemes were the gold standard of pension schemes instead of contributory schemes which employers tend to contribute less to.This dangerous trend is storing up a pensions time bomb for the future."

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