DB schemes closed to existing members to double in 12 months

The consultant's research showed nearly 20% of the 154 schemes it surveyed had now closed to defined benefit accrual - with a potential doubling of that figure expected over the coming year. Hewitt managing principal Jackie Daldorph said: "The vast majority of pension schemes have now closed to new entrants, but the pace of closure to existing members is accelerating, with the number of ‘frozen plans' expected to double in the next 12 months. "For companies now embarking on a plan freeze, the issue becomes how to do so, while still keeping the members, their unions, and trustee boards...