Swiss Corporate Pension Scheme May Close DB Arrangement

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SWITZERLAND - The circa CHF12.3bn (us$11.5bn) Pensionskasse Novartis is discussing the closure of its defined benefit structure in favour of a defined contribution arrangement. The board of trustees expects changes to happen as of January 1, 2011, MandateWire reported.

"In the interest of securing sustainable funding for our Pension Fund, the Board of Trustees decided to review the existing pension plan concept and to modify it when indicated," the fund said. ...

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