Survey: Big Schemes Survey 2018

Barnett Waddingham’s annual analysis of defined benefit (DB) schemes in the UK with assets of more than £1 billion continues to highlight the decline of DB schemes.

Key findings:

• More than half of final salary schemes are closed to new members and 43 per cent are closed to future accrual, leaving just four per cent open to new members.
• 69 per cent of schemes have a deficit on their company accounting basis.
• There has been a 56 per cent increase of the median in transfer values.
• The number of frozen schemes has risen from the previous year from 37 per cent, as some schemes have discontinued the future accrual of benefits for all members to save costs.

This is the sixth annual survey of 230 schemes. The survey has been tracking the decline of active members in DB pensions.