Scheme closures

UK - Nationalised bank Northern Rock has confirmed it will close its final salary scheme to future accruals as part of a cost-cutting exercise.

Property management and development group Places for People plans to close its final salary scheme to future accrual in the face of crippling pension costs.

Sugar manufacturer Tate & Lyle will close its UK final salary pension scheme to future accrual from April, next year.

De La Rue will close its final salary scheme to future accrual in three years because of its escalating pension deficit.

Scheme closure exercises can raise a host of legal issues involving the employer, the workforce and the trustees, as well as the scheme itself. In this interview with PMI.tv, WYN DERBYSHIRE, head of pensions at City law firm SJ Berwin, discusses the issues...

Freshfield Bruckhaus Deringer is closing its final salary scheme to future accrual.

Liberal Democrat tax policy would result in some people paying more tax over their lifetime if they contribute to a pension, Towers Watson says.