Scott Wilson Group to close defined benefit scheme

The Scott Wilson Group is to close its defined benefit (DB) scheme to future accrual, replacing it with a defined contribution (DC) scheme.

The organisation has completed a 60-day consultation with its scheme members and is now working with its scheme trustees to finalise the implementation arrangements with an effective target date of 1 October.

The Scott Wilson Group has reported a reduction in its scheme deficit to £63.3m as of 2 May, a £15.7m improvement compared to the position reported at the half year.

Georgina Corbett, group HR director at Scott Wilson, said: “We have conducted extensive consultation with the members and trustees of the Scott Wilson defined benefit scheme and we are now in the process of concluding the implementation arrangements with the members and trustees.

“The scheme deficit has changed primarily because of revised actuarial assumptions, required by UK accounting regulations, which have taken place between the announcement of the interim and final year results.

“The company does have a shared section of the railways pension scheme which will remain open to future service accrual, however we are also in the process of consulting with the membership of this scheme to increase member and company contributions.”

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