Unilever is shutting its £5.5 billion U.K. final salary scheme to existing members due to unaffordable costs, Global Pensions reports. The company will enter a period of consultation with workers this summer. Under the new proposed plan, existing final salary scheme members will be offered a two-part scheme including of a defined benefit career average plan and a defined contribution investing plan with effect from Jan. 1, 2012. The final salary scheme has a £680 million deficit and was closed to new members in 2008, adds Daily Mail.
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