UK - The shift from final salary to money purchase occupational pensions provision is abating, the fourth defined contribution survey carried out by JPMorgan Fleming shows.
The survey – carried out in conjunction with IPN’s sister publication Professional Pensions – found that 84% of private sector companies that only offer DB schemes have no plans to introduce a DC scheme – up from 79% last year.
JPMorgan Fleming Asset Management relationship manager Karen Roberton said: “It is important to note that although the move to DC continues, DB plans still dominate in respect of assets under management – and number of members.”
Half of all survey respondents now have some form of DC provision in place, an increase of 11% on the previous year. And a further 16% of firms said they intend to introduce a DC arrangement in the next five years.
The survey – designed to build a comprehensive picture of trends in the pensions industry – received a record number of responses with 152 of the 350 largest UK pension schemes responding.
*Full details of the JPMorgan Fleming Annual Defined Contribution Survey will be available on May 22 and covered exclusively in Professional Pensions.
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