NAPF to close defined benefit scheme to new members

The National Association of Pension Funds (NAPF) is to close its defined benefit (DB) pension scheme to new members.

The scheme will remain open to existing members. A trust-based defined contribution (DC) pension scheme will be set up for all new employees.

A spokesperson at the NAPF said: “In common with other employers, the NAPF has recently reviewed its pension arrangements.

“The NAPF remains committed to good quality workplace pension arrangements for all its staff and is in the process of setting up a trust-based DC scheme.

“New employees will be automatically enrolled into this scheme, which will meet the standards of the Pension Quality Mark Plus.

“The DB scheme will remain open to existing members for future accrual.”

Read more articles on defined benefit pension schemes