ONE in 10 people working in the private sector said they would take a pay cut to move to a job that offered a final salary pension scheme, a survey showed today.

A further 27 per cent of people said they would choose a public sector job over a private sector one on a similar salary if they had access to one of the so-called gold-plated pensions, according to financial services firm MetLife Europe .

The research found that just 15 per cent of people working in the private sector currently have access to a final salary scheme, compared with the vast majority of the UK's 5.8 million public sector employees.

Under final salary schemes the employer states how much the final pension will be worth, based on the number of years a worker has been a member of the scheme and their salary immediately before retiring.

But the majority of companies in the private sector have now closed these schemes and instead replaced them with less generous defined contribution ones.

Under these schemes the employer only guarantees how much they will contribute, leaving the individual to shoulder the risk of investment volatility and increased life expectancy.

Ed Gardner, chief executive of MetLife Europe, said: "Final salary pension schemes were the gold standard of retirement planning and are highly valued by those people who are lucky enough to still have one."