EMPLOYEE membership of defined benefit has fallen from 46pc of the workforce to 35pc in just eight years, latest data published by the Office for National Statistics reveals.
The government department’s report – Pension Trends – also found that membership of private pension schemes fell from 40pc of the 35.4 million working age population to 39pc between 2003/04 and 2004/05....
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.