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NI hike 'meaningless' in terms of defined benefits

John Shuttleworth, a partner at accountancy firm PricewaterhouseCoopers, has queried the assumption that the 1% rise in national insurance (NI) rates in the UK will encourage companies to close down defined benefit schemes.

He says: 'The rise in national insurance contributions is largely meaningless in terms of the impact on final salary schemes. Reasons for closing down schemes are far more complex and numerous.'