Express ends final salary scheme
21 October 2008 12:36
The newspaper company's finance director, Robert Sanderson, wrote to members of the final salary pension scheme to inform them of the closure, and to outline the new pension plan to be started.
The report quoted the letter as saying: "Over the past few years, stock market performance has been volatile, with investment returns being lower than anticipated.
"As people are living longer, the cost of providing pension benefits has also become more expensive. Recent legislative changes and increased regulations have put further strains on final salary pension schemes.
"All of these financial demands mean that the 1988 fund's costs have risen considerably. This has serious implications for the future of maintaining a scheme that meets the benefits earned."
The news comes after the company announced it would cut 80 sub-editing staff from the Daily and Sunday Express titles earlier this year.
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