Financial Services Industry
Industry: Email Alert RSS FeedNews Just In... : Union cries 'foul' as Exel closes DB.(Exel Logistics is closing its GBP719m defined benefit pension scheme to new workers)
Pensions Week, November, 2002
One of Britain's leading logistics companies is shutting its defined benefit (DB) pension scheme to new employees from April 2003.
Exel Logistics is closing its GBP719m pension scheme to new workers in a bid to protect funding levels and to rationalise its pension arrangements.
Current employees will still be able to join the DB scheme but after 1 April 2003, new joiners will have to join a defined contribution (DC) scheme.
Director of corporate affairs, John Dawson, told Pensions Week that it wasn't an issue of cost saving.
He said: "What we are introducing is a DC scheme that is not intended to be a lesser scheme. Indeed, contribution levels for this scheme will be higher than for the old scheme."
Dawson continued: "After...
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