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Nabarro Nathanson has closed its final salary pension scheme to future accruals in a bid to limit the firm’s future pensions liabilities. The scheme, which was closed to new entrants in July 2001, has now been closed to all future accruals after the firm identified that the scheme’s deficit was growing.
Senior partner Simon Johnston said the executive board had made the decision to close the scheme after consulting the firm’s actuaries, Mercer HR Consulting, and identifying that the value of the scheme’s investments fell short of its pension liabilities.
“We’re therefore taking a prudent decision now to close the scheme to future accruals so it doesn’t become a headline-grabbing deficit,” he said.
The action, first revealed on www.thelawyer.com (9 November), means the pension benefits available to scheme members will be calculated up to the closure date last week and then frozen.
Around a third of the firm’s existing staff are members of the final salary scheme.
They are now being encouraged to join the firm’s group personal pension, which is managed by Axa. It has been offered to staff joining the firm since the final salary scheme was closed to new entrants.