Cash for pensions

The TUC has today published the 2013 edition of PensionsWatch. Anyone familiar with previous editions in this series (which began in 2003, looking at directors’ pensions in FTSE 100 companies) will find its main results depressingly well-rehearsed, although alarming nonetheless.

However, this year’s report documents evidence that not only are directors of the UK’s biggest companies receiving far better terms than their employees when it comes to pension arrangements, but many are now opting out of pensions altogether in return for cash payments in lieu of employer pension contributions – showing a worrying lack of faith in the schemes their employees are currently being automatically enrolled into.

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Image: @Doug88888