We operate a 'final salary' pension scheme for our staff. Why are costs rising quite so significantly?

Dramatic improvements in healthcare mean that people are living to be a lot older, which in turn means that their pensions have to last a lot longer. And in the current low-inflation environment, the cost of long-term financial products (like annuities) has also got considerably more expensive in itself.

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Update supplied by Charles Russell LLP - www.charlesrussell.co.uk