GB: Death of the final-salary pension

The days of the generous defined-benefit schemes to protect you in retirement are gone with big firms ditching their burdens. In 2012, the government’s state pension reforms will come into force, which will see the introduction of personal accounts, the latest attempt to shift more of the population into private pension plans. Many employers are considering the cheaper option of ditching their existing pensions and allowing everyone to fall into the government scheme.

Times