UK - Software solutions specialist LogicaCMG is to consolidate its pensions schemes to make way for one "common" DC scheme for all employees.
The move follows the merger of Logica and Anglo-Dutch technology company CMG in December.
The firm currently runs two DC plans – The CMG Pension Scheme and The Logica Employee Pension Fund – which hold some 4500 members.
But its has come to light that discussions are under way at LogicaCMG over the future of the company’s pensions plans.
Management is deciding whether to use the Logica Employee Pension Fund as a platform for members’ pensions or whether it would be more effective to scrap both schemes and set up a new DC plan to transfer all members into.
A spokesman for LogicaCMG said details of a common scheme for company employees would be complete by the end of the year.The company stresses that it will continue to support all existing pension arrangements.
Contribution rates to the Logica Employee Pension Fund are currently 4% by employees and 8% by the company.
The directors of collapsed construction giant Carillion were "contemptuous" of funding their defined benefit (DB) pension schemes, and "refused to give an inch", Frank Field has alleged.
The PPF 7800 deficit was slashed in half last month as gilt yields rose. Victoria Ticha asks if this is the start of a longer trend
Frank Field is to warn Sir Philip Green not to sell his Arcadia business without ensuring defined benefit (DB) pensions are adequately protected, PP can confirm.
Some 79% of people would like to see stricter rules and checks to ensure pension pots are secure, according to a survey by the Pensions and Lifetime Savings Association (PLSA).