Tag: final salary

Unilever latest company to close final salary pension scheme

Unilever latest company to close final salary pension scheme

Unilever has announced it is to close its final salary pension scheme citing “unsustainable” costs. The manufacturer of food and household products is the latest in a long line of companies to adopt these measures as a result of rising costs. Defined benefit [final salary] schemes have become significantly more expensive to operate and costs [...]

April 12, 2011 | 0 Comments More
Final salary pension scheme closures on the up

Final salary pension scheme closures on the up

According to the National Association of Pension Funds (NAPF), final salary pension scheme closures are on the increase. These types of schemes are becoming significantly more expensive to operate and costs are likely to rise. As a result, the rate of decline appears to be picking up, said the NAPF. The Association said 17% of [...]

March 9, 2011 | 0 Comments More
Asda to close final salary pension scheme

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 [...]

October 8, 2010 | 0 Comments More
Report reveals more pension woes

Report reveals more pension woes

Fears over the future of final salary pension schemes has reared its ugly head again after a report from the Association of Consulting Actuaries (ACA) revealed that nine out of 10 such schemes are now closed to new members. The ACA, which questioned over 300 companies, found that employers continue to shy away from these [...]

January 4, 2010 | 0 Comments More
Vodafone latest company to close final salary pension scheme

Vodafone latest company to close final salary pension scheme

Telecoms company Vodafone has announced it is to close its final salary pension scheme to 4,000 current employees. The mobile phone giant is the latest in a long line of companies to adopt these measures as a result of rising costs amid the recession. The company recently announced it was looking to increase its £1 [...]

November 26, 2009 | 0 Comments More
RBS planning to cap final-salary pension scheme

RBS planning to cap final-salary pension scheme

Royal Bank of Scotland (RBS) is proposing to cap increases in its final-salary pension scheme, which has been described as a “body blow“ to its 60,000 staff by the Unite union. The union said that against the backdrop of the “bumper” pension paid to former chief executive of the bank, Sir Fred Goodwin, the proposals [...]

August 25, 2009 | 0 Comments More
Half of final salary pension schemes will close

Half of final salary pension schemes will close

A survey of over 250 employers by consultants Watson Wyatt has revealed that half of Britain’s companies will close final salary pension schemes in the private sector to existing employees between now and 2012. The survey, conducted in July, also found that another 28% will keep their scheme open to existing members but on less [...]

August 17, 2009 | 0 Comments More