There has been much talk about final salary pension schemes and the fact that many employees would strike to save their benefits. But, do you actually know the difference between the types of pensions on offer? If your answer is no, you are definitely not alone, according to a recent survey conducted by Halifax.
Halifax asked 990 adults to explain the difference between final salary schemes and money purchase schemes. Almost 70% of those surveyed did not know the answer although they did know what a final salary scheme was.
Many people surveyed thought that a money purchase scheme gave the same guarantees as a final salary one, which is not the case.
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