Aon, the pension actuary today closed final salary scheme to new entrants. While this move will be met with nothing more than murmurs in most financial circles, those in the know will greet it with howls.
It is no secret that final salary pension schemes have been under pressure in the UK for more than a decade after Gordon Brown scrapped the pension tax credit. Companies which advised large multinationals on their pension provision were seen as the last hold outs for final salary pension schemes.
