Unilever Becomes Latest Big Co. To Close Pension Scheme

Law360, London (December 3, 2019, 5:18 PM GMT) -- Unilever U.K. will close its defined benefits pension plan to new employees due to rising administrative costs, becoming the latest FTSE100 company to call time on the retirement scheme.

Unilever said Monday it was moving new staff to a defined contribution plan and reducing payouts for its 7,300 existing U.K. employees that wished to stay on the defined benefits plan.

It is the latest company to move away from defined benefit pension plans, where former employees are guaranteed a fixed amount at retirement, irrespective of investment returns on contributions. Defined contributions, by contrast, are more vulnerable to market factors and require...

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