Phoenix Group has shut its defined benefit pension schemes to future accrual, Professional Pensions reports. It has closed the scheme to curtail future costs and volatility relating to the funds’ deficit, which was £77 million at December. The scheme’s active members will shift to defined contribution arrangements, with initial employer contributions of 20% and optional employee contributions of up to 5%. The schemes have about 33,000 members in all, of whom 350 are active.
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