11 January 2007
WH Smith plans to shut its final-salary pension scheme in a move
that would affect close to 2,000 workers.
The retailer said that 11% of its staff are members of the
scheme - which has been closed to new members since 1995.
WH Smith, which split its High Street shops and distribution
business last year, said the move would bring all staff pension
arrangements into line.
The proposal would not hurt benefits due to those who have left
the company or those already drawing on the fund.
WH Smith said that the costs of running a final-salary scheme
would be "high and difficult to predict".
The company said it currently has a £41m pension
deficit.
