Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Recruitment & retention
    • Wellbeing
    • Occupational Health
    • 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

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Recruitment & retention
    • Wellbeing
    • Occupational Health
    • 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

Latest News

Rentokil to close final salary pension scheme

by Georgina Fuller 20 Dec 2005
by Georgina Fuller 20 Dec 2005

Rentokil Initial has announced plans to close its final salary pension scheme, which would freeze the benefits for current employee members, in a bid to cut costs.


 


The safety and security firm would be the first FTSE 100 company to close a final salary pension scheme to existing staff. The guaranteed benefits of the scheme would remain at current levels.

Rentokil’s chief financial officer Andrew MacFarlane told the Financial Times that the company had to control the risk of its pension costs soaring in the future.

“In relative terms we have one of the largest deficits in the FTSE 100. Although we have the financial capacity to deal with the deficit now, we had to make sure that another deficit does not arise in the future,” he said.


Rentokil’s current UK pension deficit is estimated to stand at £325m. The total deficit among all FTSE 100 companies is estimated to be about £40bn.


 


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.

Many other firms are expected to follow suit, according to the National Association of Pension Funds.

Rentokil said it would make a decision on its final salary pension scheme after consulting with its 3,000 members next year and looking at alternative schemes.

Georgina Fuller

previous post
The perfect 10
next post
2012 Olympics board to recruit part-time board members

You may also like

Government under fire over delay of better-paid paternity...

19 Sep 2025

August lull in recruitment as business gets set...

18 Sep 2025

Social mobility: Privately educated elite still leads UK...

18 Sep 2025

Ministers extend liability for umbrella companies’ unpaid PAYE

18 Sep 2025

‘Flawed system’ blocking apprenticeships from young people

18 Sep 2025

Met Police staff in strike ballot over London...

18 Sep 2025

Personnel Today Awards 2025 shortlist: Workplace culture (smaller...

18 Sep 2025

Trainee GP who displayed Palestine flag sues for...

17 Sep 2025

Graduates face ‘white-collar’ recession in jobs market

17 Sep 2025

Ben & Jerry’s co-founder quits over Unilever’s social...

17 Sep 2025

  • Workplace health benefits need to be simplified SPONSORED | Long-term sickness...Read more
  • Work smart – stay well: Avoid unnecessary pain with centred ergonomics SPONSORED | If you often notice...Read more
  • Elevate your L&D strategy at the World of Learning 2025 SPONSORED | This October...Read more
  • How to employ a global workforce from the UK (webinar) WEBINAR | With an unpredictable...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 Live
Employee Benefits
Forum for Expatriate Management
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
    • Recruitment & retention
    • Wellbeing
    • Occupational Health
    • 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