Wolseley shuts pension fund

Michael Bow
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WOLSELEY, the go-to shop for builders and plumbers, yesterday announced plans to shut its final salary pension scheme to future contributions.

The company is consulting with staff on the proposals to stop putting money into the DB scheme, to make its pension expenses more “sustainable”. It plans to close the scheme by the end of the year.

It wants to put all future payments into a defined contribution scheme, which unlike defined benefit does not guarantee a set level of retirement income.