THE current financial turmoil looks set to hasten the demise of final salary pension schemes, research shows.

Four out of 10 of the defined benefit pension schemes, including final salary ones, that are still open to new members expect to close their schemes to new entrants in the coming three years.

At the same time, a quarter of schemes that have already closed to new members, which covers the majority of defined benefit pensions, think they will also close to future accruals in the near future, according to consultants Watson Wyatt.