UK - Publishing group Trinity Mirror will close its three final salary pension schemes to new members from the beginning of next year.
The newspaper publisher blamed the closure, which follows a review of pension and retirement benefit arrangements on increasing life expectancy and the “volatility of stock markets”.
Trinity’s interim financial results released at the end of July showed the schemes – which have assets of just under £1bn – had a deficit of £84.1m. This has since grown to £120.1m.
A defined contribution scheme will be set up for new employees by July 2003. Members will be able to choose their level of contribution to be matched by the company.
DC members will also be provided with health insurance along with a lump sum and a dependant’s pension if an employee dies in service.
*The Transport and General Workers’ Union believes logistics consultant Exel Logistics is on the brink of axing its final salary scheme.
TGWU national secretary Danny Bryan said: “Exel has had a pensions holiday since 1988. Not only that, it has regularly raided the fund to pay for restructuring. Now it looks like it is the workforce which will pay in the future with a poorer pension scheme.”
Exel was unavailable for comment.
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