Consumer goods manufacturer Unilever closes final salary pension scheme and raises contribution levels for existing members

Consumer goods giant Unilever has become the latest firm to close its final salary pension scheme to new members.
 
The manufacturer of Vaseline, Doveand Timotei beauty products is also asking existing members of its final salary pension scheme to increase their contributions by 40%.
 
The company has one of the largest final salary programmes in the UK, estimated to be worth £5bn and comprising more than 7,000 current employees, 40,000 pensioners and an additional 40,000 deferred pensioners.
 
Unilever will request that existing scheme members increase their contributions from 5% to 7% in January 2008.
 
The firm will also cap pension increases at 2.5%, rather than by the rate of inflation.