Wolseley proposes to close pension scheme
Published: 13 March, 2013
Wolseley is consulting with staff about its proposal to close its defined benefit pension scheme.
Wolseley’s proposals are for pension benefits already built up within the scheme to be protected with no changes to the arrangements for retired and deferred members. From January, employees can access Wolseley’s trust-based defined contribution scheme.
Wolseley UK has said: “We currently run two pension arrangements: a DB plan and a DC plan. We want to provide one common pension and benefits package to all our employees that is fair, competitive and sustainable.
“We are consulting with employees enrolled in our DB pension plan about our proposals to close the plan to future service, as well as improve the current DC pension plan.
“This is not a cost-saving measure. We do not expect to reduce the amount of money we spend on pensions and we believe this will give all of our employees the same opportunities to build up a valuable pension as part of their benefits package.”