'It has totally thrown our futures into doubt', says one employee
Thousands of IBM workers in the UK face the closure of their final salary pension scheme as the technology company becomes the latest to cut pension benefits.
UK staff were told yesterday evening that IBM planned to shut the defined benefit scheme to existing members, as it was no longer prepared to shoulder the financial burden. The scheme was closed to new members several years ago.
An IBM spokesman said the move would "maintain competitiveness in the marketplace and introduce greater predictability to long-term pension provision costs". It has now started a consultation process.
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