Michelin punctures final salary scheme

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The UK arm of French tyre manufacturer, Michelin, is looking to follow the example of WH Smith and Rentokil and has put out proposals to close its defined-benefit (DB) pension plan to existing members in a bid to stop the £250 million deficit on the £1.3 billion fund from spiralling out of control.

In 2005, the company closed its DB scheme to new entrants, but following a 2006 valuation of the fund - which found that despite putting £100 million of additional contributions between 2002 and 20

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