For many Generation Xers, defined as those born between 1962 and 1982, retirement planning seems like a mountain to climb and the summit seems to be receding from view rather too fast. The statistics are not pretty. As little as 20% of Defined Benefit (DB) Schemes still remain open to new members today (Source: NAPF). In the eight years from 2000-2008 the number of staff employed in the private sector in employer-backed DB schemes fell from 28.6% to 13.5% and all the evidence is that within another eight years there won’t be any left at all.
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Posts Tagged ‘personal pensions’
Growth of the SIPP market
Wednesday, July 21st, 2010The pensions industry in the UK is the second largest in the world after the US, with assets totalling over £260bn in personal pensions. Introduced in the early 1990’s the Self Invested Personal Pension (SIPP) market has grown year on year so that there are now over 500,000 plans in force. On going annual growth is predicted at a conservative rate of around 20%.
