03 November 2009
Stroud & Swindon, one of the biggest building societies,
with assets of £3 billion, is the latest company to close its final
salary pension scheme as a result of mounting costs.
Stroud has given workers 60 days notice of its intention to
close the scheme that has assets of £27 million. Although the fund
is showing a small surplus, the society pumped nearly £1 million of
employer contributions into the scheme last year and £2 million in
2007.
Stroud says only a quarter of its 300 staff will be affected
because for the past eight years the society has offered a defined
contribution scheme for new joiners.
