Vodafone to close final salary scheme

VODAFONE is set to shut its &pound;755m final salary pension scheme to 4,000 staff, in a fresh round of cost-cutting by chief executive Vittorio Colao.<br /><br />Colao is aiming to offset plummeting revenue at the mobile phone operator. <br /><br />The firm is following&nbsp; the lead of Barclays, Whitbread and Fujitsu, who are also blocking current workers from earning further retirement benefits that make up a chunk of their final salary.<br /><br />&bull; Meanwhile, in more bad news for Vodafone, Tesco has secured the rights to sell Apple&rsquo;s phenomenally successful iPhone before the all-important Christmas period. Vodafone will not sell it until the new year. Analysts said Tesco&rsquo;s entrance will spark a price war.