Tag: pension scheme

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
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
New pension scheme set to be called NEST

New pension scheme set to be called NEST

The Personal Accounts pension scheme, which is aimed at encouraging low to middle income workers to save for their retirement, is to be re-branded as the National Employment Savings Trust (NEST). NEST will be one option open to employers who will have to enrol workers into a workplace scheme. Employees will be enrolled automatically in [...]

January 8, 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
Dairy Crest latest firm to close final salary pension scheme

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 [...]

September 29, 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
Barclays’ staff in strike ballot over pension scheme

Barclays’ staff in strike ballot over pension scheme

Barclays’ staff are set to vote on whether to strike over the closure of its final-salary pension scheme. The Unite union said the ballot will take place in August with potential industrial action taking place across the bank in September, which will “significantly impact” the bank’s operations. The decision to close its final-salary pension scheme [...]

July 17, 2009 | 0 Comments More
IBM considering closing final salary pension scheme

IBM considering closing final salary pension scheme

IBM, the computer giant, is considering closing its final-salary pension scheme to current members, affecting over 25% of IBM’s 20,000 UK workforce. An e-mail to staff from IBM’s UK and Ireland general manager Brendon Riley, said the pension fund was being re-evaluated because of rapidly-rising costs and liabilities. The e-mail said: “For IBM UK also, [...]

July 8, 2009 | 0 Comments More
Morrisons continues to gain market share from rivals

Morrisons continues to gain market share from rivals

Supermarket giant Morrisons, which is the UK’s fourth largest, has announced better-than-expected sales figures. The group, which continues to gain market share from other supermarket giants such as Tesco and Sainsbury’s, said the first quarter of the year saw like-for-like sales grow 7.3%, as a result of heavy discounting. The group said it is attracting [...]

June 4, 2009 | 0 Comments More
Lower-paid workers less likely to belong to pension scheme

Lower-paid workers less likely to belong to pension scheme

Figures released today by the Office for National Statistics (ONS) have revealed that employees in the UK on a low income are less likely to belong to a pension scheme than higher-paid employees. According to the ONS, one fifth of men and almost a third of women with an income of less than £300 a [...]

May 28, 2009 | 0 Comments More