UK - National Tyres and Autocare has closed its final salary pension scheme for new members and will open a defined contribution plan for new workers.
The move follows a review of the tyre and automotive repair chain’s pension scheme earlier this year.
National Tyres and Autocare Pension Scheme trustee John Kemp was unable to divulge many of the details of the firm’s switch from DB to DC but he did confirm that contribution levels would remain the same.
Letters advising members of the changes to the scheme were sent out to members last month.
The 200 member National Tyre and Autocare pension scheme is understood to be advised by HSBC Consultants and Actuaries.
This week's edition of Professional Pensions is out now.
Industry Voice: Sponsored by Eaton Vance
BNY Mellon has launched a range of reporting tools to help institutional investor clients track and evaluate portfolio investments based on environmental, social and governance (ESG) issues.
PP speaks to BESTrustees director Heather McGuire about her views on the CMA's review into the investment consultant and fiduciary management markets.