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Shell ends the ‘final salary era’

The news… was quietly posted on the Shell pensioners’ website just before Christmas…

Shell has ended an era for company pensions with the decision to close its final salary scheme to new joiners.

The oil giant was the last FTSE 100 member with a scheme open to everyone.

From 2013, new employees will instead be offered a defined contribution pension, where they rather than the employer face most of the risks.

Shell is following the growing trend of firms closing their final salary schemes to new members in order to cap their pension costs.

The news, which was quietly posted on the Shell pensioners’ website just before Christmas but overlooked until earlier this month, comes as other firms seek to limit pension liabilities.

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