21 May 2010
The NEC Group has announced that it is closing its final salary
pension scheme to future accrual. The decision affects just over
40% of the permanent workforce, which works out as around 360 of
the workforce. The Birmingham based venue management company
entered into a consultation period in February on the scheme
closure.
The group stated that after two months of consideration it would
be ceasing future accrual as of June 30. The final salary fund had
already been closed to new employees since October 2006, although
existing members still accrued further rights.
Employees in the final salary scheme, as well as any new
joiners, will be given the option to join the group personal
pension scheme offered by the NEC Group.
John Hornby, the NEC's chief operating officer, said "Enabling
all employees to transfer to the GPPP enables The NEC Group to
provide a level playing field for pension provision while managing
the level of financial risk to which the company is exposed
throughout these continuingly difficult times. We believe that
the GPP is an attractive element of an overall remuneration package
which is competitive"
