UK - Thomas Miller, which owns the Occupational Pensions Defence Union, is launching a defined contribution scheme for new members in October.
The insurance and risk measurement specialist is replacing its final salary scheme which, sources say, has a “significant” FRS17 deficit, with a contracted-in DC plan.
The scheme was closed in June following a consultation with employees as Thomas Miller’s FRS17 deficit is much larger than its assets.
New members – including OPDU staff – will receive up to 15% in employer contributions, depending on their age, when they join the DC scheme.
Despite the deficit, OPDU will not be affected as its insurance cover is separately underwritten by Ace Insurance. Additionally, OPDU director Jonathan Bull said Trustee Risk Management will also be untouched by the deficit.
Bull said: “There will be no effect on the membership of OPDU. Although it is a subsidiary, it is also separate from Thomas Miller.”
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