LONDON - Nine out of ten pension schemes in Britain have now been closed to new applicants. This was done because the entrepreneurs continue to stay away from the scheme benefits with high cost. This is revealed in a report.
And 18% of the scheme, which included pension payments last phase, has been closed to new applicants, it is disclosed by the Association of Consulting Actuaries (ACA).
ACA, which questioned 309 companies, said that the situation is increasingly experiencing "decreased", where 91% of the government scheme has now been in deficit.
The government said it was working to cut the regulatory burden on the company pension.
ACA Chairman, Keith Barton, said that now is a moment of worry for people who are approaching retirement age and the urge to make "radical approach".
"Only 6% of employees who respond to the poll that says that they feel the government's policy to support the retirement policy is a policy that works fine. The number is decreasing far from the figure reached 38% two years ago," said Barton.
Department of Labor and Pensions said that the reform of the pension fund is a "radical". It adds that when the automatic registration of pension policy started in 2012, an estimated 11 million workers who have the opportunity to save with a minimum company contribution.
A spokesman added: "We also support a quality retirement policy through review of regulations.
"We have reserves and ease the burden of an annual allowance payment method, with the potential to create a company can save the average amount of £ 250 million per year in the longer term.
"We freeze the levy, both for the PPF and TPR. And we now review the debt provision bab75 of entrepreneurs."
"We recognize that the current economic climate presents a challenge to corporate leaders who set the allowances scheme. That is why the pension regulatory agencies cooperate openly with the board of trustees and chairman of the company to increase awareness and understanding of approaches to protect its members, coupled with the flexibility available in terms of funding the plan. "
The promise to increase the amount of state pension fund, which was first disclosed in mid-December last, will not be applied to most pension rules. It has the potential to save £ 350 million in fiscal year 2010/2011.
Person in charge said that the government fund basic pension will be increased 2.5% in April next year.
However, pensions minister, Angela Eagle, said that the fund extra spending will be frozen.
A spokesman for the Department of Labor and Pensions said: "The additional pension fund still has not improved and are above inflation because it is connected with the rules of the pension fund from the government sector and private sector, pushing the costs and consequences of change. This was revealed in detail to the British Council in December last.
"In difficult times like this, our support is very important to help all those who become the recipients of retirement benefits," said the spokesman.
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