UK - Closure costs are forcing many smaller companies to keep their defined benefit schemes open, law firm Reynolds Porter Chamberlain claims.
It said smaller firms had less flexibility to handle the disruption to cash flow and the legal and actuarial due diligence needed to close a scheme.
It also pointed out that with many schemes in deficit, companies lacked the spare cash to pay enhanced transfer values and accrued entitlements to members.
RPC partner Jonathan Davies said: “To meet these requirements, employers purchase expensive deferred annuities to protect the pension rights of existing members.
“The alternative is to offer enhanced transfer values into a DC scheme to encourage employees voluntarily to give up existing rights.”
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.