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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | June 2009 (15 blogs) | The right decision for BP Pension Scheme?
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The right decision for BP Pension Scheme?
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The news that BP is to close its non contributory final salary scheme to new entrants from April 2010 will surprise many people.
Just two months ago the company, worth £98bn at the close of business yesterday, reported a 62% drop in its first quarter profits coinciding with an increase in debt. However, whilst other employers have seen their pension scheme deficits rise to uncomfortable proportions, the value of BP as a company dwarfs that of its pension scheme, reported to be around £11bn with a surplus of £1.58bn last year.
Reading the few comments that follow the article, one in particular makes a very pertinent point – that the pension scheme was highly valued by employees and was an excellent retention tool for key personnel.
Nevertheless, according to the article, BP appears to be managing the change well, offering an employer contribution of up to 15% for new employees joining the alternative money purchase scheme. See:
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Mike Jones, MyCompanyPension.co.uk Ltd, June 3rd 2009
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