Aegon has announced it will close its defined benefit (DB) pension scheme to future accrual for its employees from April 2013.
It has entered into consultation with employees and unions Aegis and Unite over changes to the pension scheme. The move is part of Aegon's restructure and cost-saving programme. The scheme has been closed to new members since March 2003. Aegon is offering employees membership of its group personal pension (GPP) instead. Half of its workforce is already part of the GPP. The insurer has proposed cuts to GPP from April 2012 as well. Aegon has suggested calculating employer contributions using basic salary only, rather than including fluctuating earnings such as bonuses and overtime. ...
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