Just 12% of private sector defined benefit (DB) schemes remain open to new members, according to the Pension Protection Fund (PPF).
Meanwhile, just 39% remain open to future accrual, the lifeboat fund's Purple Book 2017 revealed - three percentage points down from the 2016 and the steepest fall since 2013 when there was a four percentage point fall in the number open to accrual. These 39% of schemes represent around 24% of all 10.5 million private sector DB members, with another 55% in schemes which remain open to new members. Larger schemes were most likely to be open to new members, with 19% of schemes with 10,000 or more members or between 5,000 and 9,999 members still accepting new recruits. Meanwhile, 61% ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes