Dairy Crest latest firm to close final salary pension scheme

| September 29, 2009 | 0 Comments
Dairy Crest latest firm to close final salary pension scheme

Dairy Crest has become the latest company to announce it will close its final salary pension scheme to existing members, having closed the scheme to new employees in 2006.

The group, which is one of the UK’s largest milk firms and makes brands such as Country Life and Clover butter, Davidstow cheese and Frijj flavoured milk, said the move was necessary to “reduce the risks” associated with running the scheme. The closure is scheduled for April 1 2010.

In a statement, the company said: “Formal consultation with our employees and their representatives has now been satisfactorily competed.”

The scheme covers 3,500 of the company’s 8,000-strong workforce.

The move comes after computer giant IBM in August announced it was considering closing its final-salary pension scheme to current members, affecting over 25% of its 20,000 UK workforce.

This followed announcements from other blue-chip companies including banking giant Barclays, oil giant BP and supermarket Morrisons, who have all announced plans to close their final salary schemes.

In April, the British subsidiary of the US insurance broker Aon said it planned to reduce its pension contributions to cut its costs - saying it needed to be “protected in challenging conditions”.

Tags: Aon, , , closure, final, IBM, , , salary

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