Asda shuts final salary pension
ASDA is the latest company to close its final salary pension scheme after its deficit nearly doubled this year.
The supermarket, owned by US giant Walmart, took the decision to close the scheme to existing members after its funding shortfall soared from £210million at the start of the year to £400million.
EXPRESS OFFER: CLAIM £15 IN FREE BETS HERE!
The move will affect about 3,800 Asda staff, mainly at managerial level, who will be transferred into the group’s defined contribution scheme.
In 2005 the group closed its final salary scheme to new entrants.