Companies that trade on the London Stock Exchange's FTSE 100 no longer offer a final salary pension scheme to new hires, according to research by Towers Watson.
Some 13 percent of FTSE 100 employers only ever had a defined contribution pension arrangement, 60 percent of FTSE 100 employers have defined contribution for new entrants only and their defined benefit plan is closed to new entrants but open to future accrual, and 27 percent of FTSE 100 employers have defined contribution plans for all employees and their defined benefit plan is closed to all future accruals, including existing employees, the study found.
For the FTSE 350 employers, 97 percent said their main scheme for new hires is a defined contribution pension scheme.
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