Pension schemes adapt to new reality

Prompted by accounting and regulatory developments, two international companies, computing giant IBM and the Anglo-Dutch steelmaker Corus have structurally altered their defined benefit (DB) pension schemes - but unlike other companies that have recently made similar moves, both funds are in surplus.

Corus has reduced early retirement schemes and increased workers pension contributions, while IBM has said that from 2008, new US-based employees will have to use the 401(k) defined contribution

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