US lawmakers last month began efforts to revitalise corporate defined benefit plans, amid worries that Americans are not saving enough for retirement. The effort comes as numerous companies are closing DB pensions and offering new employees defined contribution plans, which provide much less in retirement.

A joint economic committee hearing on the issue in early July followed two years after the Pension Protection Act was introduced to ensure companies’ pension plans had enough money to pay retirees – a law many say has backfired and helped fuel DB scheme closures. The act took effect this year and, among other things, requires companies to maintain a higher funded status to cover their liabilities.