According to a CI survey carried out by the BWCI group, only 17% of defined benefit schemes still accept new members, compared to 67% in 2003, when the survey was last carried out.
In addition, of the schemes surveyed, 72% have been restructured, either by a change in the benefit structure, closure to new entrants or closure to future benefit accrual.
Examples of restructuring include a reduction in the accrual rate, reduction or removal of guaranteed pension increases, or limitations on the rate of future salary increases for pension purposes.
