Nestlé UK proposes changes to defined benefit pension

Nestle UK has proposed to change its defined benefit (DB) pension scheme from a final salary to a career average arrangement.

The company has entered into a formal consultation period with employees about its proposed changes, which will run until 17 May.

Paul Grimwood, Nestle UK’s chief executive and chairman, said: “Pensions are an important part of Nestle’s employee reward package. We are committed to providing quality pension provision in order to attract and retain the best people and are confident our scheme will continue to be one of the best.

“We will continue to offer both defined benefit and defined contribution options to both existing and new employees. These proposed changes will ensure the long-term sustainability of our pension arrangements and enable us to continue to operate effectively and efficiently as a business.”