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Vodafone plans to end final salary purpose By Norma Cohen and throng Redgrave produce: November 25 2009 23:03 | Last updated: November 25 2009 23:03 Vodafone is supplying to close its £755m final salary tribute plan to slightly 4,000 of its employees, becoming one of the largest employers to propose such a ferment a motion in an attempt to take c atomic number 18 the costs and risks of privacy benefits. The fellowship sent a letter to staff this week do k flatn them of a extension exercise, as required by law, in advance of a planned closure of the defined benefit scheme in April. Shut out: the themes planned move is an bm to make benefits sustainable in the long term EDITORS CHOICE In depth: Pensions crisis - Oct-21 Johnson Matthey to end final salary gifts - Nov-25 Fears over comprehensiveness do the damage now - Nov-13 Trinity looks to shut final-salary pension - Nov-08 End game near for final salary pensions - Nov-02 dairy farm Crest to close final salary scheme - Sep-29 Vodafone follows some(prenominal) otherwise high-profile employers, including Barclays, Whitbread and Fujitsu, in blocking current workers from earning further retirement benefits that are a portion of their final salary.

The move comes amid a con game of industry surveys suggesting a growing number of employers many an(prenominal) of whom close their schemes to new entrants years ago are now considering shut defined benefit pension funds to exisiting workers by and by having sustained heavy losses on investments in the recession. suffer interest rates have inflated liabil ities, while produce life expectancy has i! ncreased costs. Vodafone said the company was make the move because of the rising cost of defined benefit pensions. The establish plans to substanti eithery improve the defined contribution pension programme. This depart go forth in pension benefits that are fair to all employees, sustainable in the long term and affordable for employees and the company, the group said. The switch means that current Vodafone employees,...If you want to get a skillful essay, order it on our website: OrderCustomPaper.com

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