Research has recently been published by Higham-Nobbs Consulting that members of final salary pension schemes (also known as defined benefit pension schemes) could be losing out on upto £800m.
The research has apparently shown that when these final salary schemes are wound up (or closed), some processes are taking around four years, where, if processes are handled effectively, two is usual. The amount of schemes actually taking four years could be as high as 40%.
With these added delays come added costs, such as experience, resources and charges for scheme advisers. Other measures that could save overall costs include moving the scheme investments to more suitable areas, whilst the wind up is pending.
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