DC savers to hit 16 million by 2020

This shift in the structure of UK pensions by 2020 comes as the decline of DB provision accelerates, with just 16% of DB schemes still open to new members this year. The PPI said the introduction of auto-enrolment will send the number of DC members rocketing upwards from the current 6.6 million members. The PPI report, sponsored by MetLife Assurance, on changes to private sector provision found that in the 1950s employer and employee would have contributed 11% of a worker's salary to a DB scheme to reach a 1/60th accrual rate with retirement at 65, while in 2012 the cost shot up to 21...