10 years ago there were 5.6 million employees in company final salary schemes. Recent research by the Government Actuaries Department showed this figure at 3.8 million in 2001 - a fall of 1.8 million people.
Opinion
With final salary pension schemes becoming more and more expensive for employers to run, we can see next year's numbers being far less. Final salary pension schemes give guaranteed benefits to employees at retirement and someone has to pay for those guarantees. With returns getting lower, more and more of the burden falls on the employer who sometimes simply cannot afford it.
The gradual demise of these pension schemes just highlights the increased need for employees and others to take responsibility for their retirement. At the end of the day, you have to look after yourself because everyone else will need to do the same.