Imperial Leather soapmaker PZ Cussons will close its final salary pension scheme to new and existing members.
Despite company trading for the year to date being in line with its expectations, benefiting from a strong performance by its Charles Worthington haircare products brand, the firm said it was moving towards a “performance-based reward structure” rather than rewarding people “simply for length of service”.
The news follows a series of other global firms axeing final-salary pension schemes, including BAA’s decision to close its scheme to new members.
A spokesman for PZ Cussons said: “The change will affect existing members and will be closed to new members.”
But he did not comment on how many members would be affected by the changes to its pension scheme, which will only impact employees in the UK.