Phoenix Group has closed two of its defined benefit (DB) pension schemes to future accrual.
Trustees of the two pension schemes agreed to the closure, which will bring a curtailment gain of £10 million relating to a release from future liabilities.
Members of the two schemes are staff from the firm's Pearl Assurance and Pearl divisions. The Pearl scheme had a £77 million deficit at December 2010, while the PGL scheme was £59 million in surplus.
The schemes have approximately 33,000 members of which 350 are active. Active members will now move to defined contribution (DC) arrangements.
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Tynan Barton is a business journalist and has been writing in the employee benefits and HR field for over 15 years. She joined Employee Benefits in 2010 as reporter, and has been features editor since 2011.View full profile
