More pensions shake-ups: White & Case has scrapped its defined benefits pension scheme in favour of a cheaper defined contribution system. A spokesperson says it had recognised that the scheme was “increasingly difficult to maintain”. The move affects all of White & Case’s US staff, as well as all partners globally.
However, it is understood that most London partners rely on their own pension arrangements. The scheme’s abandonment followed a pensions review, kick-started last year along with a plethora of other reviews, including partner remuneration and technology.
The defined benefits scheme has died a gradual death across much of the UK’s private sector. Most firms offer defined contribution schemes and few UK firms offer any pension benefits to partners – as revealed by The Lawyer even Freshfields is now examining its treasured scheme.