Linklaters closes doors on final salary pensions
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Linklaters is set to close its final salary pension scheme and transfer members to the contribution-based plan used by the vast majority of the firm’s employees.
The firm stopped allowing new entrants to the final salary scheme in 1996, but around 50 employees are still members.
Under the proposals, those members will retain the pension pot they have accrued up to now, but will move to the standard contributory scheme in November.
The employees affected are currently in consultation about the changes.
Linklaters was one of the last large firms to retain a final salary scheme. Allen & Overy closed its plan to new accruals in 2007 after building up a £22m deficit.
According to its 2008 LLP accounts, Linklaters spends £7.7m a year on pensions, with £700,000 of that going into the defined benefit scheme.
