EXCLUSIVE: Three-fifths do not offer a secondary pension scheme

EXCLUSIVE: Almost three-fifths (57%) of respondents do not offer a secondary pension scheme, according to research by Employee Benefits.

The Employee Benefits/Wealth at Work Pensions research 2019, which was conducted during October 2019 among 135 HR decision makers, also found that of those that do offer a secondary scheme, the most common is a final salary defined benefit (DB) scheme which is closed to new members (11%).

Among the proportion of respondents that offer a DB scheme as a secondary pension, 30% plan to keep it open to new entrants and to future accrual, while a quarter (26%) have no plans to make any changes to the scheme or how it is managed. A further 17% plan to close it to new entrants but keep it open to future accrual, while 13% are reviewing their investment options