BusinessCompany NewsPension provider to close own pension scheme

Pension provider to close own pension scheme

Friends Provident closes salary pension scheme to new employees as of next year

Pension provider Friends Provident looks set to close its final salary
pension scheme to new employees next year following a three-yearly review of its
fund.

The scheme is one of the few well-funded final salary schemes with a deficit
of £16m under FRS17 accounting rules, according to The Times.

From October, the FTSE100 insurer said it will also change its retirement age
from 60 to 65. But as a result, employees will have to choose between either
higher contributions if they retire at 60 or lower ones if they wish to leave at
65.

Keith Satchell, group chief executive, said: ‘We have been working closely
with Amicus and the pension scheme trustees for some months, and are now
entering a new phase of consultation with employees about the changes planned
for mid-2007.
‘Our proposals demonstrate our ongoing commitment to the security of the current
pension fund and to providing high-quality pensions to our employees, both
current and future.’

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