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British Steel Closes DB Plan to New Employees

January 28, 2009
Related Topics: Global Business Issues, Retirement/Pensions, Policies and Procedures, Latest News
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British Steel Pension Scheme in Glasgow, Scotland, closed its $13.8 billion defined-benefit plan to new employees, according to a news release.

The plan is sponsored by Corus UK Ltd., which made the changes as part of an overall strategic overhaul that also included cutting 3,500 jobs from a global workforce of 41,000 people.

In the release, company officials said a defined-contribution alternative will be offered to new employees.

“While the [defined-benefit] scheme is in a healthy position, the company will, in line with market practice, close the defined-benefit scheme to new recruits,” according to the release.

Neither Bob Jones, a spokesman for Corus, nor Hugh Smart, chief information officer of the fund, could be reached for comment.

(For a related story, read "More Employers Freeze Defined-Benefit Plans.")

Filed by Thao Hua of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

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