A record number of final salary pension schemes have closed their doors to future contributions from existing members, the National Association of Pension Funds (NAPF) revealed.
The NAPF’s latest Annual Survey showed that one in five (17%) schemes have shut their pension to both new and existing members. This was a record jump from 7% in the previous survey in 2009, and just 3% in 2008. The findings point towards a new phase in the decline of final salary (defined benefit) pensions, as schemes that have already closed to new joiners now look to make restrictions on existing members.
