One in 20 (4%) defined benefit (DB) pension schemes remained open to new members in 2023, new data published today by The Pensions Regulator (TPR) shows.

The end of 2023 saw the rate of people transferring out of their DB pension fall to a five-year low, research from pensions consultancy XPS Pensions Group found.

People who were ill-advised to transfer out of their DB pension are now likely to be due significantly less compensation, according to actuaries and financial services consultancy OAC.

A former senior official at the Pensions Regulator has called for members of DB pension schemes to benefit from the same flexibility as those with DC schemes have.