UK - Contribution hikes, increased retirement ages and accrual rate reductions could take place in numerous defined benefit schemes within the next three years.
Aon Consulting found that 36% of the respondents to its survey of 115 UK companies would consider a contribution increase in the next year, and 72% within the next three years.
With regards to the retirement age, 20% of respondents had considered introducing it over the coming year to ease the financial burden of DB pension provision, rising to 43% of respondents who said they would do so within three years.
More than a quarter had contemplated reducing the benefit accrual rate in 2006, while 48% said they would consider doing so over the next three years.
Paul McGlone (pictured), head of employer advice at Aon Consulting, said such moves tended to be unpopular with employees and trade unions but were often necessary and more likely to be tolerated than a move to close the scheme.
Indeed, more formalised risk-sharing could become the norm for DB schemes going forward, he added.
Fifty nine percent of those schemes polled were closed to new members but continued to accrue benefits, 27% were open to new members and accrual of benefits, 11% were closed to new members and accrual and 1% were in wind up.
By Lisa Haines
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