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Asda to close final salary pension scheme

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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.

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News posted: October 8, 2010

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