US - Some 60% of all US corporate defined benefit plans are closed to new entrants, SEI found.
In surveys conducted through the firm's new Pension Lifecycle Meter, SEI found 31% of plans are closed to new entrants but participants continue to accrue benefits, while 30% are frozen, meaning they are closed to new members and participants are not accruing benefits but the termination process hasn't started, said SEI. Meanwhile 3% are terminating.
The high number of plans closed to new entrants highlights the need to review derisking strategies as the plans' funded status improve, said Jon Waite, director of investment management advice and chief actuary within SEI's institutional group.
He added: "Closed and frozen plans have different, but no less time-intensive, needs for strategic management and plan sponsors need to have the proper resources in place to continuously manage this process."
Industry experts believe the type of de-risking strategies seen in the UK - like buyouts, buy-ins, and longevity risk transfers - are likely to crop up in the US within the next year. (See related feature: Releasing the Pressure)
SEI's data showed 36% of corporate defined benefit plans are still open to new members.
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