Taylor Wimpey to close legacy DB scheme to future accrual

Taylor Wimpey will close its legacy defined benefit (DB) pension scheme to future accrual as of 31 August.

The home building firm was formed by the merger of George Wimpey and Taylor Woodrow in July 2007. The Taylor Woodrow DB scheme was closed to future accrual prior to the merger so it is only the George Wimpey DB scheme that will be affected.

The decision came after a consultation with its staff. 

The firm will transfer its DB scheme members into its defined contribution (DC) scheme.

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