Employers save £4.15bn by closing DB offerings

Work done by Stockbroker, Brewin Dolphin's wealth management division finds there are two million less individuals in DB pension schemes than a decade ago. Martin Smith, chief Executive at Brewin Dolphin wealth management division, says firms facing up to large deficits on their pension schemes are now closing them to new staff members, and in some cases existing workers, and transferring them towards defined contribution schemes, usually requiring smaller contributions from employers, along with less risk to them as they have no long term liabilities. He says: “The average company cont...