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UK pension funds abandon defined benefit structure

The number of schemes switching from defined benefit to defined contribution structures has doubled in the last year, according to a survey published by the National Association of Pension Funds (NAPF).

The survey by the UK industry body, covering 800 schemes, showed that 13 schemes made the switch in 2001, compared with six in 2000. A total of 46 companies closed their defined benefit schemes to new members this year, compared with 18 last year.

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