UK - Over 40% of UK defined benefit (DB) pension schemes are expected to have closed to future accrual within the next five to 10 years, up from the current 6%, Watson Wyatt has found.
The Pension Plan Design Survey 2008 found over the same period the proportion of DB schemes open to new entrants would fall from 25% to 14%. Kathryn Armitstead, senior consultant, Watson Wyatt, said:...
“Mounting red flags of financial stress” have meant almost two-thirds of listed companies with defined benefit (DB) schemes have issued profit warnings this year, EY says.
With rumours once again swirling around the future of pensions tax relief in the run up to this year's Budget, any reduced incentive for long-term savers could risk further exacerbating the generational divide in pensions, says Tom Selby
Trustees are set to have an increased duty of care to ensure employees and members make informed choices when accessing their pension, according to Wealth At Work.
The Family Building Society’s 250-member defined benefit (DB) scheme has transferred into TPT Retirement Solutions’ master trust, DB Complete.