The number of UK companies to have closed generous final salary pension schemes to new members almost doubled in the past year, according to the latest annual survey by the National Association of Pension Funds (NAPF).

The survey reveals that in 2002, 84 final salary schemes were shut to new employees, compared with only 46 the year before. More alarmingly, average contributions to money purchase - or defined contribution - schemes are only half those for final salary - or defined benefit - schemes.