UK-based hygiene services group Rentokil Initial has become the first FTSE 100-listed company to close its defined benefit (DB) final salary scheme to existing members - this followed a five-year payment holiday that ended in 2004, and coincided with a 20% profit growth.
The announcement came after an agreement was reached with pension scheme trustees to use the IAS 19 accounting standard to report pension liabilities, and it appears Rentokil had hitherto been exploiting the non-market
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