Zurich to close 'unsustainable' DB pension schemes

The insurer said the present arrangements were unsustainable. Under the proposals from 1 July all employees will be entered into the defined contribution (DC) scheme that is currently in place. Zurich would pay a flat rate of 12% of pensionable salary into each employee's retirement account. Those currently in the final salary section would build up no further benefits after 30 June 2015. All new starters from 1 July 2015 would join the amended DC section of the pension scheme. The proposals would make Zurich one of the last insurers to close its defined benefit (DB) pension to fu...