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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