Half of the final salary pension schemes in the private sector will have closed to existing staff within three years, a survey has found.
Acturial firm Watson Wyatt surveyed more than 250 employers in July, finding that while about 75% of all final salary schemes are already shut to new staff, only about 9% are closed to current employees. They have predicted that this will change, with 2009 seeing a flurry of employers closing their pension schemes to all further contributions, the BBC has reported.
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Watson Wyatt estimated that the number of final salary schemes still open to new joiners would fall to 2% by 2012, while schemes still open to existing staff would be less generous.
Barclays, Dairy Crest, Fujitsu, IBM and Morrisons have already announced or implemented pension scheme closures this year.
