Pension change gathering pace

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That is an increase from the 6% today, according to Watson Wyatt's Pension Plan Design Survey 2008.

The proportion of definedbenefit schemes open to new customers is expected to fall to just 14% from 25% over the same period.

The biennial survey of the shape of UK private-sector workplace pensions shows an increased focus on defined contribution schemes, with companies working on increasing inputs.

More than 60% of employers expect their contribution rates to defined-contribution schemes to increase over the next five to 10 years.

Over the past two years, rates have risen by almost 2% of salary to an average 14.7%.

"Kathryn Armitstead, a senior consultant at Watson Wyatt, said: "A small but growing number of companies are ceasing final-salary accrual for existing members and this trend is expected to accelerate."