PENSIONS IN CRISIS

75% of final salary schemes will close within five years (Hermes) Only a fifth of people under 34 are concerned about their future retirement (Mercer) People from ethnic minorities are at higher risk of pensioner poverty (Pensions Minister)

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According to Labour research, a body that publishes information for trade unionists, top bosses have continued to see increases in their pension funds despite the widespread closure of employee schemes.

The biggest pension winners include directors of UK blue chip companies GlaxoSmithKline and BP.

The annual survey of top bosses' pensions found that 249 directors at Britain's biggest companies could expect to retire with annual pensions of at least £100,000.

Ninety-four directors are looking forward to a very prosperous retirement on more than £250,000 a year.

Browne's bonanza

Jean-Pierre Garnier, chief executive of pharmaceuticals giant GlaxoSmithKline, as well as enjoying a salary of more than £7m a year stands to receive a pension of £833,000 when he retires.

Lord Browne, chief executive of BP, will retire on £800,000 a year. His annual salary is £5m.

Workers on the shop floor do not fare so well. According to the National Association of Pension Funds (NAPF), the number of UK firms suspending so-called final salary schemes has doubled in the last year.

These schemes are commonly thought to be good for employees as investment risk lies with the employer rather than the individual contributor.

Some firms have chosen to wind up employee pension schemes, leaving workers with nothing or very little.

Members of final salary pension schemes that have been wound up descended on London on 1 February to demand a fair deal.