Rexam Pension Plan opens new final salary scheme

The Rexam Pension Plan is closing two of its defined benefit (DB) schemes to new members will introduce another final salary arrangement as a replacement with effect from April 6.

The pension provider, which names its plans after planets, is to close its Jupiter and Saturn levels and open a new planet level Mercury which will be introduced for new members.

Key elements of the Mercury scheme include a 1/80th accrual rate, a 3% member contribution rate, and it will also take advantage of the new deferred benefit revaluation cap of 2.5%.