Thomas Cook has closed its defined benefit (DB) scheme to future accrual.
The travel agent announced in its half-yearly report, which was published on 9 May, that it had reached an agreement with trustees to close the scheme as of 31 March 2011.
From 1 April, members of the DB scheme have been moved to Thomas Cook’s defined contribution (DC) pension scheme. The DB scheme has been closed to new members since 2004.
A spokesperson for Thomas Cook confirmed that an extensive consultation process had been carried out with employees, which came to an end in February.
The firm reported that an actuarial reassessment of pension liabilities after the closure identified a net gain of £24.5 million.
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