Tate & Lyle pension scheme closes

Central Asia News.Net
Saturday 7th November, 2009

UK sugar firm Tate & Lyle has decided to close its final-salary pension scheme.

The company has blamed an increase in the scheme's deficit to £110 million for the scrapping of the scheme that will close to 400 current employees, half of its UK workforce.

Tate & Lyle is the latest employer in the UK to shut its final-salary schemes to existing staff, and not just new recruits.

The firm said it could not cover the increasing cost of providing guaranteed pensions in the future.

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