What is happening to YOUR final Salary pension?
Barry Davys
Expert Financial Advice for International people in Spain - Helping You Plan, Protect & Prosper
Falling interest rates and people living longer are causing terrible problems for final salary pensions. BHS and Tata Steel have raised the profile of the size of some of the deficits but to be fair it could be considered a systemic problem rather than a company problem. Of the remaining 5,945 final salary pensions, 5020 schemes are in deficit (Pension Protection Fund data Aug 2016). The number of schemes in deficit at 31st July 2015 were 4,704 and the aggregate deficit of schemes increased by 58.36%.
So, what is happening to Your final salary pension? (Infographic - LPC)