25 September 2007
Further to speculation over Royal Mail closing its final salary
pension scheme further closures are on the horizon.
Soap maker PZ Cussons is to close its final salary pension
scheme from 31 May 2008. The move is in a bid to "protect itself
from rising costs" according to a statement. The Cussons pension
fund had an actuarial deficit of just £8.3m in the latest
annual report. The scheme would be closed to both new and existing
members and will affect around 400 staff in the UK.
Unisys Ltd is also to end further accruals to its final salary
pension scheme for its UK staff.
The proposal is planned to take effect on 30th November and will
result in a big reduction in pension benefits for almost 600 of the
Company's employees.
