UK - The number of companies closing their pension schemes to new members has almost doubled in the past year, new figures from the NAPF show.
The NAPF annual survey shows that 84 final salary schemes had been closed to new staff. This compares to only 46 in 2001.
The report also found that of those companies offering money purchase schemes to new staff, average employer contributions were half that of final salary schemes.
The average final salary contribution is 12%, while employer contributions for money purchase schemes was found to be 6%.
An NAPF spokesman said these figures reflected a “potentially damaging” decline in saving through workplace pensions.
He added: “The survey reflects concerns among companies and their pension funds over the cost of providing such schemes, the resources required and the amount of red tape involved.”
The NAPF questioned some 970 UK pension schemes with combined assets of £420bn.
Almost all of the schemes (95%) said providing an occupational pension took up more company resources compared with five years ago, and 92% expected this to continue.
Almost a quarter of those surveyed had taken contribution holidays.
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