Scottish Widows to launch new pension scheme for joiners

Scottish
Widows yesterday announced plans to close its final salary pension scheme to
new members.

The
insurer said the move would bring it in line with other parts of the Lloyds TSB
group – which bought the company two years ago.

A
switch to a money purchase scheme will take effect from January 2003.

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Scottish
Widows said new staff would find their pension offered generous benefits and
greater flexibility to top up their pension payments.

By Quentin Reade