Japanese car manufacturer Nissan is consulting on the closure of its defined benefit (DB) pension scheme for 1,800 employees in the Sunderland region.
The organisation has made the decision to end the scheme as the business investment is deemed unsustainable long-term.
Nissan is currently consulting on the closure of the plan with these employees and their representatives.
A spokesperson at Nissan said: “We aim to provide competitive benefits to our highly valued staff, but these have to be balanced with the long-term sustainability of our business. The level of business investment needed to maintain the defined benefit pension plan has grown to unsustainable levels.
“This planned consultation is not a short-term action. It is based on the formal valuation of the scheme carried out in April 2018, and is the next step in a long-term process.
“For this reason, we are in discussions with affected employees and their representatives about the proposed closure of the plan.”
