UK. The changing role of DB pensions
Defined benefit pensions, once so dominant in the UK occupational pensions landscape, are slowly disappearing from the private sector.
This long-term trend now feels unstoppable.
There are only about 1.2m active members still accruing benefits in private sector DB schemes today, and 40 per cent of private DB schemes are now closed to future accrual – almost double the proportion that were closed to accrual a decade ago, according to The Pensions Regulator.
TPR reports only 14 per cent of private sector DB schemes were open to new members and future accrual by the end of 2018, compared to 43 per cent in 2006.
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