Plumbing merchant Wolseley has started a three-month period of consultation regarding proposed changes to staff pension arrangements in the UK and is planning to close the current UK Defined Benefit (DB) Pension Schemes for future accrual on December 31st 2013.
The aim of the changes is to provide sustainable and competitive pension arrangements for all of its employee and will provide all UK employees with access to a pension scheme effective from January 1st 2014, which complies with legislation on auto enrolment which comes into force later this year.
No signficant change to the overall cost of pensions is expected as a result of the proposed changes.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group's Chief Executive, Ian Meakins, said: "We want to provide equitable and sustainable pension benefits for all UK employees. Our proposal will provide all staff with competitive pension benefits whilst reducing the impact of financial risk and volatility of the defined benefit scheme on our business in the long-term."
The share price was up 2.16% to 3,259p by 13:45.
NR
-
Side hustle tax changes: HMRC reforms could save thousands from filing self-assessment tax returnsThe government plans to raise the tax-free threshold for trading income – here is how it could help your side hustle
-
Return to the office: is working from home coming to an end?More and more employers want their staff to return to the office. Is it a good idea?
