UK - Vodafone and airline BMI have become the latest big name firms to announce plans to close their defined benefit schemes to future accrual.
Mobile communications giant Vodafone informed staff of its intention to consult on plans to shut its £755m (US$1.25bn) scheme to about 4,000 employees. It said responses were due in April, next year.
Company accounts showed the scheme had a shortfall of £60m with liabilities of £815m.
A Vodafone spokesman said: "In recent times DB schemes have become increasingly more expensive, and the costs going forward are likely to continue to rise."
He said the employees affected by the decision will be transferred to the company's "new improved" defined contribution scheme.
Flight operator BMI has also entered a consultation on the closure of its DB scheme but a timescale has yet to be confirmed.
A BMI spokesman said closing the DB scheme to future accrual would affect 800 workers - but they were left with no alternative as the scheme was becoming "increasingly unaffordable".
However, Redington co-chief executive Robert Gardner warned trustees that closing final salary schemes will only limit the growth of liabilities.
He added: "We continue to see an increasing number of companies closing DB pension schemes to future accrual. However, this action only limits the growth of liabilities as schemes are still responsible for managing the past service liabilities.
"Trustees must continue to focus on investment strategy, liability management and risk transfer opportunities.
"The challenge for trustees is to keep abreast of industry developments, product innovations, and providers."
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