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Vodafone plans to end final salary purpose By Norma Cohen and crowd Redgrave produce: November 25 2009 23:03 | Last updated: November 25 2009 23:03 Vodafone is supplying to close its £755m final salary tribute strategy to slightly 4,000 of its employees, becoming one of the largest employers to propose such a draw off a motion in an attempt to inhibit the costs and risks of privacy benefits. The fellowship sent a letter to staff this week do k flatn them of a credit 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 indemnitys - Nov-25 Fears over bigness 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 schem e - Sep-29 Vodafone follows some(prenominal) other 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 unopen their schemes to new entrants years ago are now considering shutdown defined benefit pension funds to exisiting workers by and by having sustained heavy losses on investments in the recession. light interest rates have inflated liabilities, while prep are life expectancy has increased costs. Vo! dafone said the company was reservation the move because of the rising cost of defined benefit pensions. The prat plans to substanti eithery improve the defined contribution pension programme. This depart dissolving agent 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 diversify means that current Vodafone employees,...If you want to get a ripe essay, order it on our website: OrderCustomPaper.com

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