DSG International to close defined benefit pension scheme

DSG International, the owner of Currys and PC World, has begun consulting over the closure of its defined benefit pension scheme to future accrual.

The move would affect 2,400 of DSG’s 40,000 staff, the Times has reported. The scheme has already been closed to new members since 2002.

The news comes as like-for-like sales across the group grew by 8% in the 12 weeks to 9 January.

According to Professional Pensions magazine, DSG chief financial officer Nicholas Cadbury insisted the company was not “penny pinching”.

He said: “The key reason for this decision is the deficit – in October last year, this figure stood at £290m. To keep the company in the best financial condition, we needed to reduce our risks, specifically our exposure to fluctuations in financial markets.”

DSG chief executive John Browett attributed healthy sales to his turnaround plan, which centres on building megastores as well as improving customer services.

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