Scheme closures

UK Coal, Britain's largest coal mining company, has confirmed its intention to close its defined benefit pension scheme to future accrual.

UK - Unilever is to close its £5.5bn ($9bn) UK final salary scheme to existing members due to the fund's "increasingly unaffordable and unsustainable" costs.

Unilever is to close its £5.5bn UK final salary scheme to existing members due to the fund's "increasingly unaffordable and unsustainable" costs.

Defined benefit pension schemes wiped £93bn off their combined deficits in the last 12 months but the demise of final salary arrangements will not cease, JLT Pension Capital Strategies say.

The majority of defined benefit pension schemes will be shut this year despite combined deficits decreasing by £121bn in the past year, Pension Capital Strategies says.

Aviva's decision to close its final salary scheme will benefit the company's net asset value by about £275m, figures show.

Packaging supplier DS Smith is proposing to close its final salary scheme to future accrual despite strong first quarter performance.

PricewaterhouseCoopers is to close its two defined benefit pension schemes to future accrual from next April.

Photography and broadcast equipment supplier Vitec has closed its defined benefit scheme to existing members.

The number of FTSE 250 companies providing final salary benefits to a large number of employees has fallen to just 15, Pension Capital Strategies says.