Final salary schemes closing at a record rate - papers

Its annual survey shows 17% of schemes have now shut their schemes to both new and existing members, up from 7% in the 2009 survey and just 3% in 2008, the Guardian reports. Around a third of employers are also planning to make a similar move or make cuts to previously guaranteed benefits and NAPF says the findings indicate "a new phase in the decline of final-salary pensions". Joanne Segars, NAPF's chief executive, adds: "The pressures on final salary pensions are relentless and their rate of decline seems to be shifting into a new gear. The rate of closures to new staff seems to hav...