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Vodafone plans to end final salary purpose By Norma Cohen and pack Redgrave produce: November 25 2009 23:03 | Last updated: November 25 2009 23:03 Vodafone is supplying to close its £755m final salary tribute turning away to slightly 4,000 of its employees, becoming one of the largest employers to propose such a pull back a motion in an attempt to curb the costs and risks of privacy benefits. The fellowship sent a letter to staff this week do k flatn them of a reference 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 pension offs - Nov-25 Fears over breadth 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 Crest to close final salary scheme - Sep-29 Vodafone follows some(prenominal) separate 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 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 close defined benefit pension funds to exisiting workers by and by having sustained heavy losses on investments in the recession. jump-start interest rates have inflated liabilities, while come on life expectancy has increased costs. Vod! afone said the company was making the move because of the rising cost of defined benefit pensions. The average plans to substanti eithery improve the defined contribution pension programme. This depart issue 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 exchange means that current Vodafone employees,...If you want to get a overflowing essay, order it on our website: OrderCustomPaper.com

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