Scheme is closed following more than half of reviews

More than half the companies undertaking major reviews of their final salary pension schemes in the past five years have opted to close their schemes to new entrants. Consultancy Watson Wyatt is to release research later this month showing just a third of companies that have undertaken such a review have decided they will make no significant change to the level of benefits they offer employees. Of the 219 companies in the 2002 Pension Plan Design Survey, some 55% have undertaken a major review in the past five years. Of these, 56% decided to close their final salary schemes just to...