BG Group looks to close legacy DB pension schemes

BG Group has proposed closing its legacy UK defined benefit (DB) pension schemes to future accrual from 1 December 2013.

In its Annual report and accounts 2012, the utilities company proposed the closure of its BG Pension Scheme (BGPS) and BG Supplementary Benefits Scheme (BGSBS), subject to the outcome of statutory employee consultation.

The report also showed that BG Group has not awarded bonuses to executive directors for 2012.

John Hood, chairman of the remuneration committee, said: “The underlying performance of the business during 2012 relative to the annual bonus performance metrics set was solid.

“Accordingly, a bonus award would normally have been considered at a level between target and stretch.

“However, the executive directors and the former chief executive all concluded that, in recognition of the revision of BG Group’s anticipated production growth for 2013 and the share price fall in the final quarter of the year, it would be inappropriate for them to be considered for a bonus in respect of 2012.”

The BG Group is not releasing any additional information on the DB pension plans.