FTSE100 DB pension changes - 2015 survey

FTSE100 DB pension changes - 2015 survey

Our 2015 survey reveals there has been considerable activity in the last year, with another five companies announcing the closure of their defined benefit (DB) schemes for all members. This survey looks at this and other emerging trends, as well as KPMG's view on the pace of change among the FTSE 100's pension schemes.

Director, Pensions

KPMG in the UK

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FTSE100

Our 2015 survey of the FTSE 100 revealed:

  • Just 54 of the FTSE 100 provide DB pensions to their employees. Several others have announced their intention to close in future. 
  • We believe by 2018, less than 40% of FTSE 100 companies will have DB schemes open for any employees. 
  • Of the 42 FTSE 100 companies that have made prior attempts to reduce pension costs since 2005, just under half have either closed, or made further changes. 
  • 16 FTSE 100 companies have implemented a DB salary cap. 
  • On average, those FTSE100 companies that have closed their DB scheme in the last five years make higher contributions to their defined contribution (DC) schemes than the average DC contribution across the FTSE100 as a whole.

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