The Regulator has published its annual statistics report on the occupational DB landscape for 2024, which sets out a summary of the UK's DB and hybrid scheme environment, detailing scheme status, membership numbers and assets under management.
Key findings reveal that:
- The DB and hybrid landscape continues to shrink at a yearly average rate of 3 per cent, with the number of schemes decreasing from 7,300 in 2012 to 5,190 in 2024.
- Schemes continue to close, with the percentage closed to future accrual (excluding those in wind-up) increasing from 72 per cent in 2023 to 73 per cent in 2024.
- Total membership in private DB and hybrid schemes has decreased
by 2 per cent since 2023 to 9,424,000, with only 12 per cent of
memberships in open schemes.
Despite these trends, the funding level has remained largely unchanged from 2023, rising from 117 per cent to 118 per cent.
The percentage of schemes in technical provision surplus is 80 per cent in 2024, up from 77 per cent in 2023.
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