The Rexam Pension Plan is closing two of its defined benefit (DB) schemes to new members will introduce another final salary arrangement as a replacement with effect from April 6.
The pension provider, which names its plans after planets, is to close its Jupiter and Saturn levels and open a new planet level Mercury which will be introduced for new members.
Key elements of the Mercury scheme include a 1/80th accrual rate, a 3% member contribution rate, and it will also take advantage of the new deferred benefit revaluation cap of 2.5%.