UK - Gas supplier BOC is to close its £1bn final salary scheme to new entrants from the end of June and replace it with a money purchase scheme.
Earlier this year BOC blamed a £24m drop in its profits on increased liabilities in its pension fund and ended its contributions holiday by committing to pay a total of £33m into the fund in 2003. ...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date