Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Latest NewsPay & benefitsPensions

BP to close final salary pension scheme to new UK staff from April 2010

by Guy Logan 3 Jun 2009
by Guy Logan 3 Jun 2009

BP will close its £11bn final salary pension scheme to new entrants from April next year in an attempt to cut growing costs.

The oil group told UK staff yesterday that anyone hired from April 2010 would only have the option of joining a defined contribution scheme, although the 12,000 employees who belong to the existing final salary scheme would not be affected by the change.

The announcement comes as part of a new benefits package announced for UK staff, which includes a new car purchase scheme, a new health screening programme and a company health insurance scheme.

A BP spokesman told Personnel Today that the move to the defined contribution pension would save “hundreds of millions of pounds” in annual savings by 2019. Last year, the BP pension scheme had a surplus of £1.58bn, but in the first quarter of 2009 the cost of funding the scheme rose to £222m from £148m in the same period for 2008.

“We realised there was a need to change the scheme to deal with a growing pensioner population that was supported by a static working population,” he said.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

“The new defined benefit pension will be more flexible to newer employees who may prefer smaller pension contributions to be able to put more of their money into their mortgage.”

A survey earlier this year by the National Association of Pensions Funds found half of companies expected to close final salary schemes to new members in the coming years.

Guy Logan

previous post
Transport firm First writes to drivers in bid to avert strike over pay
next post
On the move: Jenny Bryant and Sandhya Sharma

You may also like

Court of Appeal rules that Ryanair agency pilot...

9 Jul 2025

Teacher recruitment goals ‘lack coherent plan’

9 Jul 2025

Gregg Wallace sacked amid fresh misconduct allegations

9 Jul 2025

Doctors vote for return to strike action

8 Jul 2025

‘Frustrating’ that NHS Plan has overlooked OH, warns...

8 Jul 2025

Employment Rights Bill set to ban employer NDAs

8 Jul 2025

Young people unprepared for world of work, says...

8 Jul 2025

Empower and engage for the future: A revolution...

7 Jul 2025

Bereavement leave to extend to miscarriages before 24...

7 Jul 2025

One in seven ‘revenge quit’ in latest employee...

7 Jul 2025

  • Empower and engage for the future: A revolution in talent development (webinar) WEBINAR | As organisations strive...Read more
  • Empowering working parents and productivity during the summer holidays SPONSORED | Businesses play a...Read more
  • AI is here. Your workforce should be ready. SPONSORED | From content creation...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+