Reports paint worrying DB picture

Around 60% of defined benefit (DB) pensions are closed but the cost of funding schemes is still dama...

Around 60% of defined benefit (DB) pensions are closed but the cost of funding schemes is still damaging UK business, according to reports published this week. Research from the Pension Policy Institute reveals that although the number of open DB schemes in the private sector has fallen, fewer have closed in recent years. However, only a quarter of all scheme members are active and almost half of these are now in closed schemes. Meanwhile, a report from the CBI and Watson Wyatt claims UK companies remain committed to providing pensions for staff, but the cost of funding final salary s...