Vivendi files to close its pension plan

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The US arm of French entertainment group, Vivendi, has filed a termination notice with the Pension Benefit Guaranty Corporation (PBGC) to close down its pension plan as a precursor to conducting a full bulk purchase annuity of the scheme by the middle of November.

The filing at the end of September marks the culmination of an 18-month process as Vivendi sought to avoid the balance sheet volatility in the 10,000 person scheme, of which about 80% are active members. According to Brian Zuro, New