"Pensions hangovers" set to hit businesses

24/12/2009

Businesses are facing "pensions hangovers" heading into the new decade, new KPMG research has revealed.

According to the tax jobs provider, pension initiatives managed to grow their assets by an average of just over 2.25 per cent a year from 2000 onwards.

The situation has been made worse by increasing life expectancies, the firm noted, as at the beginning of the decade, companies were expecting 65-year-old employees to live another 16 years - a figure that has now risen to 22 years.

Pensions partner at KPMG Mike Smedley said that firms will be needing to resolve the problems associated with their previous pension schemes.

"Companies will want to deal with their pensions hangovers from the last decade before moving forward into the next one," he remarked, adding that many businesses will close their schemes and sell them to third parties.

KPMG, which advises on a number of tax and pension-related issues, currently has over 10,000 partners and staff working in 22 offices across the UK.

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