The rate of final salary pension scheme closures seems to have abated, according to the annual survey of the National Association of Pension Funds (NAPF).

In 2007, some 31 per cent of private sector defined benefit schemes remained open to new members, only a two percentage point decrease from 2006. Pension scheme closures accelerated from the turn of the century when equity markets fell. In 2002 some 70 per cent of schemes were still open to new members, compared to 33 per cent by 2006.

The survey showed that about two thirds of schemes expect to remain open in either their current or a modified form over the next five years. Modifications could include higher employee contributions or a later pension age. More than 90 per cent of schemes reported that they were fully funded and this reduction in pension fund “black holes” had helped to change the landscape, the NAPF said.

While the report pointed to a “new equilibrium”, the NAPF chief executive, Joanne Segars, said that it would still depend on the Government honouring promises to reduce the costs of running such schemes.

Ministers have moved to simplify pension law and reduce the inflation-proofing for people who switch companies and leave pension pots behind. They have also said that they will make it easy for companies to keep their existing schemes open as automatic enrolment to pension schemes takes effect in 2012 with the arrival of the new system of personal accounts.

“The overall picture shows that the pension landscape is stable, although the operating environment for occupational pensions is tough and is likely to get tougher,” Ms Segars said. “The Government must use the Pensions Bill to bolster current workplace pensions to ensure their future existence for to-day’s and tomorrow’s workers. The deregulation proposals are a good start. More must be done to offer support to employers offering good workplace pensions to ensure they remain open.”

The survey showed that 75 per cent of schemes believe they will be affected by the 2012 pension reforms. Most companies will face a bigger pension bill as auto-enrolment is expected to boost the numbers taking a company pension. Some pension advisers expect a rise in buy-outs now that schemes are closer to being fully funded.

Last month, Paternoster, the insurance company that specialises in acquiring final-salary company pension schemes, agreed to take over 11,000 pensions belonging to former employees of the shipping group P&O. It has also bought out small pension funds sponsored by Fiat and Texaco.

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