UK - Prince Charles is closing the Duchy of Cornwall's final salary pension scheme to new members.
The Royal Household Group Pension Scheme – for The Queen’s staff – also closed to new staff in April with joiners placed in a money purchase scheme.
The Duchy of Cornwall scheme currently has around 80 workers at the Prince’s estates. New recruits will be offered a stakeholder pension with the Duchy of Cornwall contributing between 12% to 15% of’ salaries.
The Duchy of Cornwall said the decision had been taken because of the impact of declining stock markets on the fund.
Association of Consulting Actuaries chairman Gordon Pollock said: “It’s unfortunate and a sign of hard times when even the monarchy is not immune to the effects of the financial markets.”
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