Don’t count on pension promises

Members of final-salary pension schemes shouldn’t take them for granted. Many members of such schemes don’t receive the benefits they’ve been promised.

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Members of final-salary pension schemes who are expecting generous payouts in retirement shouldn't take these for granted. Nearly one in three members of final-salary schemes have only a 50% chance of receiving the benefits they've been promised, according to new research from the Pensions and Lifetime Savings Association (PLSA), a trade association for the pensions industry.

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.