RTTNews - A PricewaterhouseCoopers survey released on Tuesday found that 96% of U.K. companies are planning changes to their workplace pension schemes. Around 77% of respondents said the Budget's pensions tax proposals further lowered their motivation to provide workplace pensions.
According to the survey, 96% of all employers also think defined benefit pensions are unsustainable. Meanwhile, 88% of private sector employers said the public sector has an unfair advantage in being able to offer quality defined benefit schemes.
Marc Hommel, partner and U.K. pensions leader, PricewaterhouseCoopers LLP said, Our research shows fewer than one in twenty employers expect their defined benefit pension scheme to be open to new members in five years' time.
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