Clarkslegal LLP - Solicitors in Reading and London

Legal Updates

Putting the final salary pension scheme out to pasture...

15 July 2010 #Employment


According to the Pension Protection Fund (PPF) the collective deficit of UK final-salary pension schemes widened in June.

Not surprising given the extremely challenging times we are in. The downward trend is nothing new either and over the last decade we have seen scores of FTSE 100 employers closing their final salary schemes, initially to new recruits, and more lately for existing members.

Aviva, the life insurer formerly known as Norwich Union, earlier this year proposed switching to a defined contributions scheme, potentially impacting the retirement plans of about 7,600 of its employees.

In the past year Barclays, Vodafone, IBM, BMI, Morrisons and Fujitsu all announced similar plans. And more are expected to follow.

Clarkslegal LLP has particular expertise in advising Companies on the employment aspects of closing final salary pension schemes. Contact us through employment buddy for further information.

Clarkslegal, specialist Employment lawyers in London, Reading and throughout the Thames Valley.
For further information about this or any other Employment matter please contact Clarkslegal's employment team by email at employmentunit@clarkslegal.com by telephone 020 7539 8000 (London office), 0118 958 5321 (Reading office) or by completing the form on this page.

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Helen Beech

Helen Beech
Partner

E: hbeech@clarkslegal.com
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