UK - The Chartered Institute of Personnel and Development is to close its defined benefit pension scheme to new members from January.
The professional body said it made the decision because the "generous scheme" suffered from low levels of take up among lower paid staff and frequent cash contribution calls which could not be budgeted for.
The move - which is subject to consultation with CIPD staff and the pension scheme trustees - will establish a new defined contribution scheme for staff.
It said employer contributions will more than match employee contributions.
CIPD chief executive Jackie Orme said: "We have two clear objectives in making these changes, and we won't judge the move a success unless both are achieved. Firstly, we need to take control of the current and future pensions liabilities of the CIPD to ensure we are not facing potentially unmanageable risks that could undermine our business and the service we provide to members in the future.
"But secondly, we are determined to significantly increase the numbers of our staff who are members of a CIPD pension scheme and to encourage more saving for retirement. We are not happy with a situation where our own pension scheme only attracts 55% of our employees to join it. Through the new scheme we are aiming to significantly increase the proportion of our staff saving for their retirement."
Orme said the DC scheme would cost more on a day-to-day basis than the DB scheme "even before we take into account our commitment to increasing membership of the scheme".
"We have set out to demonstrate best practice in resolving our own challenges. We are clear that the pension is an important part of the reward package we offer to people working at CIPD, and are determined that this will remain the case into the future."
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