Final curtain for supply chain company pension scheme

Supply
chain management group Exel says it may close its final salary pension scheme
to new staff, despite posting half-year pre-tax profits of £89.3m, an increase
of 15 per cent.

Chief
executive John Allan said he was discussing with the pension trustees whether
to move new employees to a defined contributions scheme.

However,
he stressed: "We have no plans to change the provision for existing
employees."

Exel
has 60,000 staff, with around a third of those based in the UK.

By
Ian Broatch

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