UK - The £155m Provident Financial Staff Pension Scheme is holding a review to decide whether to make the switch to a defined contribution scheme.
The personal credit and motor insurance group will decide next month whether to close its defined benefit scheme to new members.
A source close to the Bradford-based company said: “The fund is having a benefit review at the moment to decide whether to keep the DB scheme or get a DC scheme. But nothing has been decided about what it is going to do.”
The reason for the review was not confirmed but it is likely that the costs of providing a final salary scheme are being considered.
The scheme’s consultant is Bacon & Woodrow.
By Paul Sanderson
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