Whitbread Shutters DB Plan for New Hires

September 4, 2009 (PLANSPONSOR.com) - Whitbread PLC said Friday it will close the defined benefit section of the Group Pension Fund to future accruals at the end of 2009.

Dow Jones reported the move will affect 3% or 800 of employees. At the same time, Whitbread will make improvements to the defined contribution section of the Whitbread Group Pension Fund and extend the eligibility for this scheme to another 14,000 employees.

In 2002 Whitbread closed its defined benefit pension to new members.

“The changes will bring the pension benefits across the business into line and ensure that we offer fair pension benefits to all,” Lesley Williams, Pensions Director at Whitbread, told Dow Jones. “Extending eligibility for the Pension Fund and improving the level of employer contributions will continue to ensure attractive benefits for Whitbread employees and for those joining the business.”