Thomas Cook Closes DB Scheme

U.K. travel agency, Thomas Cook, has closed its final salary pension scheme to future accrual.

U.K. travel agency, Thomas Cook, has closed its final salary pension scheme to future accrual, Professional Pensions reports. The members of the DB scheme have been moved to the Thomas Cook U.K. Defined Contribution Pension Scheme from April 1.

The defined benefit scheme, which had been closed to new members for seven years, had around 2,500 active members. The firm reported a net gain of £24.5 million after an actuarial reassessment of pension liabilities.

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