Travis Perkins closes final-salary scheme to new recruits

Builders’ merchant Travis Perkins has become the latest company to close its final-salary scheme to all new members.

The company closed the scheme to all employees apart from senior management three years ago, but has now brought its directors’ pensions into line with those of the rest of its staff.

At the time, Travis Perkins said it needed to be able to offer attractive remuneration packages to continue to appeal to quality executives, despite union opposition to the move.

But yesterday, the company said all new employees would be offered money-purchase schemes, regardless of their position in the business.

After buying DIY retailer Wickes last year, Travis Perkins has a total pension fund deficit of about £142m.

It is talking to trustees over the level of annual contributions to be made to its schemes going forward.

 

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