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Atkins to close final salary pension scheme

Atkins is closing its final salary pension scheme as of 1st July it announced today.
Deficit in the scheme has now been estimated by actuaries at £187M, up from £69M in 2004 and £175M in 2005.People in the scheme will be moved to the share market performance based defined contribution scheme which covers the majority of Atkins employees, the company said.Staff affected will retain the link to final salary for accrued service up to 1 July 2007 and for the next three years the company will pay an additional defined contribution pension benefit of 2% of salary.Atkins is injecting a further £140M into the final salary pension pot over the next four years.New accounting rules based on the expectation of people living longer require companies to recalculate deficits in the final salary scheme and demonstrate they have the funds to cover pension payouts.

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