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CPH Consulting sponsor major EEF survey

CPH Consulting sponsor major EEF survey
 
CPH Consulting, the specialist provider of talent management solutions for small, medium sized and emerging companies has sponsored a major Employment Survey undertaken by EEF, the manufacturers organisation from which a report on pension schemes has just been published.
 
Manufacturing companies are increasingly closing their defined benefit (DB) occupational pension schemes to new employees and, to a lesser extent, for future service to existing members, according to the study of pension arrangements.
 
The EEF/CPH Consulting Employment Survey 2009 of nearly 500 companies shows that, since 1998, the proportion providing a DB pension scheme to some of their employees has fallen from nearly half to just over a quarter. It also shows that amongst the rapidly declining number of manufacturers who have retained their DB scheme, an increasing number of them are now seriously considering closing their scheme to both new and existing members.
 
This survey shows that, in the face of increasing costs and administrative burdens, manufacturers have sought to reduce the risks to their business by increasingly moving from DB to defined contribution (DC) pension arrangements for all categories of employees over the last 10 years with the pace of this change being slightly faster for senior managers and executives.
 
Jerry Wright, Joint MD, CPH Consulting commented In the face of the ongoing need for all companies to actively manage their cost base and liabilities, which includes de-risking their pension fund exposure, it is no surprise that the move from DB to DC pension schemes continues to gather momentum. For many years companies have used their DB scheme as a selling point to prospective new employees clearly this is no longer the case and we are working with our clients to ensure that they are offering a competitive range of other employee benefits to ensure they can attract the right talent to their business.

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