One in 20 (4%) outlined profit (DB) pension schemes remained open to new members in 2023, new information printed right now by The Pensions Regulator (TPR) exhibits.

The schemes had a mixed membership of 1.2 million savers.

A fifth of DB schemes (20%), with whole membership of two.7 million, remained open to future accrual for his or her current members. Seven in ten (72%) schemes had been closed to future accrual and the remaining 4% of schemes had been within the technique of winding up.

The information was printed in TPR’s annual DB Panorama publication which offers an outline of the occupational DB and hybrid pension panorama within the UK, reporting on scheme standing, membership ranges and property beneath administration.

The report confirmed that scheme funding ranges improved since 2022. The variety of schemes with 100% or higher technical provision funding ranges elevated from 2,565 to three,620. And the overall deficit (of schemes in deficit) has greater than halved, decreasing from £63bn to £28bn.

As in earlier years, the DB panorama continued to shrink, TPR identified. Since 2022, the overall variety of schemes had lowered by 2%, from 5,378 to five,297.

Lou Davey, TPR’s interim director of regulatory coverage, evaluation and recommendation, mentioned: “In the present day’s report provides an vital overview of the DB panorama, which has greater than 9.6 million memberships. Modifications in scheme standing have been small year-on-year however the development of a contracting market continues.”

The TPR mentioned it has reviewed how information for the annual report is gathered and analysed, leading to notable modifications to a few of its figures. Historic information for the report has additionally been reviewed and, the place essential, revised.

Knowledge for the report is given to TPR by trustees and directors of their scheme’s annual scheme return.

In keeping with analysis from pensions consultancy XPS Pensions Group printed final month, the tip of 2023 noticed the speed of individuals transferring out of their DB pension fall to a five-year low. Its Switch Exercise Index noticed a gentle downward development throughout the yr till, by the tip of December, the tracker registered an annualised price of 18 members in each 1,000 transferring their advantages to different preparations.