PricewaterhouseCoopers to axe two final salary schemes

The UK arm of PricewaterhouseCoopers (PWC)will be closing two final salary schemes in a move thought to affect 1,100 employees.

The accountancy firm confirmed that the schemes, which have already been closed to new joiners, are being closed to future accrual because of the ‘challenging commercial reality of funding.’ PWC are still consulting with staff, who would retain their existing benefits entitlements and become eligible for the firm’s defined contribution (DC) scheme.

In the year to June 30 PWC reported a fall in pre-tax profits of £665 million, down 3% on the previous year.

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