Michelin punctures final salary scheme


The UK arm of French tyre manufacturer, Michelin, is looking to follow the example of WH Smith and Rentokil and has put out proposals to close its defined-benefit (DB) pension plan to existing members in a bid to stop the £250 million deficit on the £1.3 billion fund from spiralling out of control.

In 2005, the company closed its DB scheme to new entrants, but following a 2006 valuation of the fund - which found that despite putting £100 million of additional contributions between 2002 and 2006

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