Final-salary schemes were closed to new members, who were switched into defined contribution (DC) schemes, in which employees bear the investment risk.

ECONOMIST: Pension sums don��t add up

It thinks that nearly half of employers whose schemes are still open to new joiners will close them, with a defined-contribution (DC) scheme being offered to the staff instead.

BBC: Pension scheme closures speed up

Because the cost of such schemes is high, new employees are usually offered defined-contribution (DC) schemes, in which employer contributions are lower and retirement income varies with the markets.

ECONOMIST: Pensions rules get complex again

Many companies have abandoned final-salary or defined-benefit (DB) pensions for new staff and switched to defined-contribution (DC) schemes, in large part because of the high cost of the former.

ECONOMIST: How low real interest rates hurt pension funds