|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    17th of January 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Economy News feed Economy News

Pension News feed Pensions News

Companies news feed Company News

All Financial News feed All Financial News




Asda to close final salary pension scheme

Bookmark and Share

by Kay Mitchell
Asda to close final salary pension scheme

Supermarket giant Asda has announced it is to close its final salary pension scheme – a decision which will affect almost 4,000 employees.

The supermarket, which is the UK’s second largest, is the latest in a series of companies to adopt these measures as final salary schemes have become significantly more expensive to operate.

A spokesperson for Asda said: “We need to address the deficit. It has grown significantly and it is important that we protect the business in the future.”

Asda, which is owned by Wal-Mart, said the scheme’s deficit has increased from £210 million to £400 million in just nine months.

Many other major companies including Aviva, Barclays Dairy Crest, IBM, Morrisons, Trinity Mirror and Vodafone have all closed their final salary schemes over recent times.

Discuss this in the Finance Markets forums

Story link: Asda to close final salary pension scheme



News posted: October 8, 2010

Financial Services:





Related financial stories to: Asda to close final salary pension scheme:
Previous: «
Next: »

Visited 7676 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , , ,