UK - The number of private sector employees still in open defined benefit (DB) schemes has fallen below the minimum long-term level expected by the Pensions Commission, Watson Wyatt has revealed.
Revised 2006 figures showed the number of members of active DB schemes fell 400,000 to 3 million. This was considerably lower than the 2004 level of 3.6 million. In 2007 only 2.7 million people were members of active DB schemes and 1.3 million were active members of open schemes.
Ball said: "These figures are already a year out of date and more employers have closed their schemes in that time. Most have decided that the costs are simply too big and too unpredictable."
Watson Wyatt said the figures, released today by the Office of National Statistics (ONS) showed around only one in 15 private sector jobs would come with an open DB pension scheme.
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Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
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