Compass to ditch final salary pension
Second high profile firm will drop final salary scheme for existing staff
Catering company Compass has drawn up plans to reduce the benefits of its
final salary pension scheme for current members.
The move follows the decision earlier this week of Rentokil Initial to close
its final salary pension scheme to existing workers, becoming the first FTSE100
company to do so.
Compass has two final salary pension schemes, The Guardian
reports. Up to 5,000 members could now see thier pensions reduced from a maximum
of two thirds of their final salary to half.