UK - Transport giant First Group has set up a career average final salary scheme in a bid to boost staff retention.
Some 9000 staff who are members of its defined contribution plan now have the option of entering the career average scheme.
New staff will also be eligible to join the career average scheme after a two-year qualifying period.
The firm set up the scheme to try to improve staff recruitment and retention. The Transport & General Workers’ Union claims First Group currently has an annual turnover of bus drivers of 30 to 40%.
As part of a wholesale pensions restructure at the firm, First Group’s seven DB schemes will be consolidated into one nationwide scheme which is to be closed to new members.
The career average scheme will be rolled out to employees this summer.
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