Summary
Nine out of 10 defined benefit pensions are now closed to new members as employers continue to move away from the high cost schemes, research showed today.
A further 18 per cent of the schemes, which include final salary pensions, have also been closed to future accruals from existing members - double the level seen four years ago, according to the Association of Consulting Actuaries. The group warned that the situation was likely to continue to deteriorate, as a third of companies were currently reviewing their defined benefit schemes, usually with a view to either closing them to future accruals or moving to a career average scheme.See the full content of this document
Extract
Defined Pensions Close As Costs Mount
Around 91 per cent of defined ...
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