UK - Food group Uniq is to close its £425m final salary scheme to new members from the end of the month.
It blamed the closure on the rising costs of the scheme.
Actuaries have advised the group to increase contributions into the scheme by £5m per year.
At its last valuation on March 31, 2001, the scheme showed a £2.5m deficit – a figure the company admits may have risen due to recent stock market falls.
The fund, which has 23,500 members, currently has 49% of its assets in equities at 49%.
Corporate services director James Burkitt said: “By having half our assets in equities and half in bonds, we are better protected than many by market movements.”
Uniq also confirmed it will open a defined contribution scheme for new staff.
Burkitt said:” The contribution levels will vary according to grade and length of service, but the company will match contributions of between 3% and 7%.”
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