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Latest NewsPay & benefitsPayroll

Debenhams plans to close its final salary pension scheme to new members

by dan thomas 31 Jul 2006
by dan thomas 31 Jul 2006

Department store chain Debenhams is planning to close its £500m final salary (defined benefit) scheme to new members and stop existing members from building further benefits.

The retailer plans to replace its final salary scheme with a stakeholder scheme provided by Prudential, with contributions of up to 5% of annual salary to be matched by the company.

The proposal is now subject to a 60-day consultation period, a company spokesman said.

Debenhams joins a long list of companies that have closed their final salary pension scheme since the start of the year, a trend that is expected to continue over the next three years.

A recent survey of 115 UK employers, by Aon Consulting, revealed that while 27% offered defined benefit pension schemes to new members, this is expected to fall to 18% in 2009.

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The majority of pension schemes in the survey (61%) are currently closed to new members, but remain open to accrual for existing members.

One-fifth (20%) of respondents said they were considering closing their schemes altogether in the next 12 months, and four in 10 (40%) in the next three years.

dan thomas

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