22 September 2009
Yet more final salary pension scheme closures have been
announced.
The Daily Mail & General Trust (DMGT) is closing its
final salary scheme to new members. The pension scheme
will stay open for current members, although rises in
members' pensionable salary will be limited to 5% a year.
There are approximately 4,00 current members. New employees will be
offered access to a defined contribution pension scheme.
Meanwhile law firm Linklaters is set to stop future accrual to
its final salary pension scheme. The firm stopped allowing new
entrants into the final salary scheme in 1996, although around 50
employees are still members. All members will now have
to contribute to the defined contribution
plan already used by the majority of the firm's
employees. The employees affected are currently in consultation
about the changes.
