06 November 2009
Tate & Lyle has begun a consultation with employees over the
closure of its defined benefit scheme to future accrual from April
2011.
The food firm said it had commenced consultation with about 400
employees, half its UK workforce, who are active members of the
Tate & Lyle Group Pension Scheme over the closure.
Tate & Lyle said it was consulting on the move in order to
contain its pension costs and reducing balance sheet volatility.
The firm's scheme was closed to new entrants in April 2002.
