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.
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