UK Money News
26th February 2008
Days numbered for defined benefit pensions
The death knell has sounded for defined benefit pension schemes, according to the Pensions Advisory Service.
Director of the independent advice and information provider, Des Hamilton, said the recent warning that some trustees had not budgeted properly for increasing mortality rates was just another blow to the once popular schemes.
Last week, pension funds were warned that healthcare improvements had extended life expectancy and that they might need to pay out on policies for longer.
"This is seen by some as another nail in the coffin for defined benefit schemes," said Des Hamilton, the pension advisory service's director.
But, he added: "The long-term death knell for defined benefit schemes has already sounded."
Brits have been urged to invest some time in sorting out their long-term savings.
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