UK - The 180-year-old London stockbroker Cazenove - which has the Queen as one of its clients - has closed its final salary pension scheme to new recruits.
A spokeswoman said at the end of the last financial year the firm concluded it was best to go down the defined contribution route.
Any new employee will have access to the Cazenove Defined Contribution Plan – set up on April 6.
As of April 30 2003, pension schemes operated by the group showed a combined deficit of £43m which was attributed to falls in equity market valuations over recent years.
The Cazenove (1987) Pension Scheme, which accounted for practically all of the deficit, was cash positive with contributions of £8m and pensions in payment of £2m.
In the annual report, the firm said: “We believe it is reasonable to take a long-term view of future equity investment performance.”
The scheme remained in surplus by 13% when measured in accordance with the statutory minimum funding requirement.
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