Business Services Industry
BT dials up new pension plan.
Business Insurance, April, 2001 by Aldred, Carolyn
LONDON-One of the United Kingdom's largest employers is closing its defined benefit pension plan and offering a defined contribution plan. London-based BT P.L.C. announced this month that new employees of the telecommunications giant will no longer be able to join its L29.72 billion ($42.87 billion) defined benefit plan, regarded as one of the best pension plans in the United Kingdom.
Instead, employees joining the company after April 1, 2001, will have the option of participating in a defined contribution plan. The defined benefit plan-known in the United Kingdom as a ``final salary'' plan-has 380,755 members, including 120,449 existing employees, who will be entitled to remain with that plan. The move is the latest-and largest-among many by U.K. employers...
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