Brick manufacturer Ibstock is consulting staff on a proposal to close its defined benefit (DB) pension scheme to future accrual for all active members.
The consultation process, which began last week, will liaise with approximately 40% of the organisation’s UK employees, lasting for a minimum period of 60 days.
According to Ibstock’s interim results for the six months ending 30 June 2016, which were published on 5 August, as of 30 June, its DB scheme’s deficit stood at £19.4 million. The organisation has attributed this to an increase in liabilities as a result of reassessing its demographic assumption.
Ibstock is unavailable for comment while the consultation is underway.