Outsourcing firm Amey closes pension scheme
Outsourcing contractor Amey has closed its trust-based defined contribution (DC) pension scheme to future accrual, moved members to its group personal pension (GPP) and introduced automatic participation in a pensions salary sacrifice arrangement to prepare for the 2012 pension reforms.
The private sector outsourcing contractor closed its trust-based DC scheme in March 2011 and invited members to move to the GPP. The trust-based scheme had about 2,500 members, and almost 100% moved across to the GPP, which was set up in October 2010 with provider Friends Life.
Before deciding to close its trust-based scheme, Amey reviewed its pensions and the possible cost of the 2012 reforms. It is now setting up a governance committee to oversee the smooth running of the GPP and take on responsibilities similar to those held by the trustees of its previous scheme.
Amey has about 11,000 staff at 200 sites across the UK.