Daily Mail and General Trust closes final salary pension to new joiners

Daily Mail and General Trust (DMGT) is closing its final salary defined benefit (DB) pension scheme to employees that join the firm from October.

The media group said the changes had been prompted by future projections of increased life expectancy and other cost pressures.

Around 4,000 employees who are already in the scheme, which has a five-year qualifying period, will remain in it and continue to accrue further benefits.

New employees will be offered a defined contribution (DC) pension plan, in line with employees in other DMGT divisions.

In addition the company said it will be making other changes, to be introduced next year, that will affect future benefits.

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