Aviva looks to close final salary pensions

Aviva , Britain’s second largest insurer, has opened talks with staff about closing its final salary pension schemes, which offer staff the most secure form of retirement income. Aviva wants to migrate its final salary schemes’ 7,600 members towards alternative money purchase schemes in April next year, although they would hold onto the final salary benefits they have built up. Aviva said the change would harmonise the pension arrangements it offers its 19,500 British employees, 70 per cent of whom belong to money-purchase schemes.