Defined benefit pensions 'declining in private sector'
The number of private sector employees being offered defined benefit pension schemes is declining, it has been suggested.
Also known as final salary pension schemes, such investments ensure than workers will receive a retirement income based on the number of years they were employed by the company they worked for and the final salary they were on before they left.
According to figures released by the Office for National Statistics (ONS), the number of employees in the private sector who are members of such schemes fell from three million in 2006 to 2.7 million last year.
It was also found that, of the 2.7 million people with this type of pension, only 57 were in schemes which were open to new members.
In contrast, the number of public sector workers in the UK with defined benefit pensions rose slightly over the 12-month period to reach 5.2 million, the ONS discovered.
Related Stories
This news is available in 