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Friday, November 27, 2009

Vodafone closing 'final salary' pension scheme

Vodafone has written to around 4,000 pension scheme members to let them know that it plans to close its final salary pension scheme in April. The scheme had already been closed to new members from 2005. It says the 'defined contribution' scheme – its alternative pension scheme, which currently has around 6,000 members – will be "substantially improved".

Final salary schemes promise employees a portion of their final salary when they retire. Vodafone recently announced plans to cut £1 billion from its spending by 2012. [Sources: BBC News; FT.com]

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