DC overtakes DB pension schemes

Human resources services firm Hewitt Associates published its annual defined contribution and additional voluntary contribution scheme survey, and found 32% of firms provide a defined contribution pension in competition with 26% offering a defined benefit scheme. The survey questioned more than 277 firms accounting for over 460 schemes, revealing the DC schemes surveyed now have assets reaching £2bn, with 9% totaling assets of more than £50m. This figure exceeds the survey in 2004, where not a single scheme achieved assets of that amount. Kevin Wesbroom, senior consultant at Hewitt says: ...