Credit crunch 'speeding up' closing of pension schemes

London recruiters and other employers may be speeding up the closing of their pension schemes as a result of the credit crunch, it has been claimed.

European actuaries and consultancy firm Lane Clark and Peacock (LCP) claims the current economic downturn may result in major firms closing down their schemes slower than they may otherwise have done, which could affect those with accountancy jobs in London.

The company had already predicted half of all FTSE 100 firms would close their pension schemes to existing employees by 2012.

Bob Scott, a partner at LCP, said: "There's evidence, daily, in the papers about companies reviewing their pension schemes and considering their options."

He added trade unions and employees are aware of the value of pensions schemes with some taking industrial actions over plans to change them.

LCP said this year saw the largest 12-month swing in funding levels of pensions at FTSE 100 firms since June 2002 when modern pension accounting methods were introduced.

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