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Pensions 'in fastest closures'.

FIRMS have closed final salary pension schemes to new staff at the fastest rate on record, new research revealed today.

The National Association of Pension Funds (NAPF) said only 13% of final salary pensions were open to new joiners last year, a fall of a third from 2011.

It was the biggest reduction since comparable figures started in 2005, when almost half of private sector schemes were open to all employees.

The association's annual survey also showed that the defined benefit funds were increasingly closing to workers already in them.

Higher liabilities created by quantitative easing and low gilt yields have prompted a "barrage" of closures, said the NAPF.
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Publication:Huddersfield Daily Examiner (Huddersfield, England)
Date:Jan 28, 2013
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