Co-op Faces £140m Pensions Black Hole
£140m pensions black hole forces closure
11th April 2004
A pensions black hole has forced the Co-Operative Bank to close its non-contributory pension scheme, meaning the company's 4000 employees must now pay into their pension fund.
Contributions of 2% of salary will be required, rising to 6% in 3 years. New employees will pay 6% immediately. 1.5% of this years annual bonus will also be taken.
The bank has stressed that it will continue to make its own contributions as before, but that the retirement fund requires extra cash if it is to meet its commitments.
Read More: Daily Telegraph
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