Every time we meet for the NAPF’s Annual Conference, I am reminded how much the pensions landscape has changed over the last 15 years. In 2000, 88% of defined benefit schemes were open to new members. This has fallen to just 12%, with 30% of schemes now closed to future accrual.

However, despite this raft of closures, defined benefit pensions remain a significant player in the UK economy. Over one quarter (28%) of the UK's workforce are building up benefits in a DB scheme. And these schemes have a staggering £1 trillion of assets under management, which is more than three times that currently invested in defined contribution schemes. So it's vital that the government continues to pay careful attention to the future of DB.