From The BBC:
Many more pension schemes will close in the next five years, to both new and existing members, a report has said.Just 23% of final-salary pension schemes in the private sector are still open to new joiners, the National Association of Pension Funds also said. A year ago the figure stood at 28% but since then more schemes have closed, both to new members and existing ones. The NAPF said the drop in the number of schemes that were still open was greater than in the previous two years. Increasing trendThe annual survey found that 62% of pension schemes that were still open to new joiners expected to let their current members continue to build up more pension over the next five years. But 18% expected to move both their new and existing members into defined contribution (DC) schemes.
Even more change is in store for schemes already shut to new joiners. Of these, 31% expect they will switch all their active members to a DC scheme for the future accrual of pension. Last month, an annual sur…
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