Pensions debt may impact workers` retirement funds
According to a report by actuaries LCP, an entire generation of workers may be left with little money to retire on because companies haven`t reduced their pension debts, lv.com reports.
17.5bn was paid into employee pension pots by large firms during 2009 – which helped slash the top 100 firms` overall pension debt by around 50%, to 51bn.
However, as the Accounting for Pensions report points out, the increase in bosses` contributions could put the brakes on any recovery from the recession and might `discourage investors`.
Bob Scott, LCP partner, said that the growing number of cheaper pension schemes being taken on by companies – which have closed down final salary pension schemes – don`t take into account the fact that many workers will be left with very little to retire on.
A spokesperson for Debt Advisers Direct commented: “We would advise anyone who thinks they won`t have enough money to retire on to seek professional advice as soon as possible.”
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