To close or not to close - that is the question?

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According to its annual Survey, the National Association of Pension Funds has reported that 31% of final-salary pension schemes were closed to existing staff in 2012 compared to 23% in 2011.

As for new joiners to such schemes, this dropped to 13% in 2012 from 19% in 2011.

This trend is likely to continue in the months ahead because of the cost of maintaining final salary-schemes and as NAPF said, new staff in the private sector had "next to no chance" of joining a final-salary scheme.

The Survey covered 1,018 schemes run by 280 private sector firms.