Almost one third of Defined Benefit respondents have closed their DB schemes to new members and more...
Almost one third of Defined Benefit respondents have closed their DB schemes to new members and more closures are to be expected, a new survey reveals.
Figures out today by the Pension Fund Partnership's (TPFP), show that almost 50% more DB schemes have been closed to new members since 2001.
This comes as TPFP has collected responses from over 242 schemes - representing a combined asset value of over £111bn and with over 3.1m members.
But at the same time as the DB schemes continues to shrink, the survey also reveals an increased contribution to those schemes.
According to the survey, the average company contribution rate to DB schemes is now almost 22% higher compared with three years ago.
And the average rate of member contributions to DB schemes has also increased by over 13% since 2000.
In the meantime, the average of both company and member contributions rates to Defined Contribution schemes - the schemes available for new members not allowed to join DB schemes - is only up by around 3% compared with three years ago.
Adding to that, the TPFP survey also shows that the average company contribution rate to DC schemes is now exactly half that of the average company contribution rate to DB schemes.
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