Company pension membership plunges by 500,000

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There were an estimated 27.5million members of work-based schemes in both the public and private sector during 2006 - 500,000 fewer than there were in 2004, according to the Office for National Statistics.

The research showed that there was also a sharp fall in active members, with 200,000 fewer workers paying into a scheme last year compared with 2004.

Unsurprisingly, it was the private sector, where companies have struggled with huge pension deficits, which suffered most - with the number of active members paying into a scheme dropping by around 400,000. Around 8.5million workers were receiving pensions across both sectors in 2006, 500,000 fewer than two years earlier.

Overall there were an estimated 73,100 schemes operating in the UK last year, which is 23,100 fewer than in 2004.

There are also around 346,000 members of pension schemes that are being wound up.