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.
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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.
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