- Tuesday, 5 January 2010People close to retirement may be seeking
IVA information following reports that nine out of ten final-salary pension schemes are now closed to new entrants.
The survey by the Association of Consulting Actuaries (ACA) also found that just six per cent of employers believed the government's stated policy of supporting quality pensions is working - down from 38 per cent two years ago.
Commenting on the state of the pensions market, director of Ark Financial Planning Phil Perry said the onus was put back on the individual as employers moved away from having liability as far as schemes were concerned.
"It is quite clear that the state doesn't have the means or the wherewithal to provide that benefit, and they have made that clear over a number of years," he said.
"It's up to an individual to decide what they actually want when they retire."
The ACA's Workplace Pensions Survey, released this week, found that 59 per cent of employers are set to review pension arrangements by 2012 and a quarter are considering benefit reductions to offset the cost of increased membership through auto-enrolment.
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