The National Association of Pension Funds has confirmed plans to close its final-salary scheme to new members.
The decision, coming from an organisation that describes itself as “one of the most influential industry bodies in pensions”, is likely to be viewed as a further nail in the coffin of final-salary provision in the UK.
A spokesman says: “The NAPF remains committed to good quality workplace pensions arrangements for all its staff and is in the process of setting up a trust-based DC scheme.
“New employees will be automatically enrolled into this scheme, which will meet the standards of PQM Plus.”
The spokesman adds that, at present, there are no plans to close the final-salary scheme to existing members.