Proposed Pension Changes for Wolsley PLC UK Staff

Pension Changes

A 3 month timeframe of consultation for proposed changes to staff pensions in the United Kingdom starts soon, as a responsive measure to offer competitive and sustainable pension arrangements for all Wolsley employees.

Wolsley is preparing to shut down the existing UK Defined Benefit (DB) Pension Schemes on the last day of the calendar year.  Employees with built up pensions will not lose out and those on the retirement plan plus deferrals will be protected.

These measures come in to play as from 01.01.2014 auto enrolment and better pensions systems are being enforced on all employers by the UK government.

WPLC remains committed to making DB pension liabilities having invested £313,000,000 into the programme across the last 36 months including £125,000,000 already in 2013. No significant changes total costs of pensions as a result of the change are expected by the company.

Ian Meakins, CEO, suggested they Wolsley would like to provide for all UK staff equitable and sustainable pension benefits with all staff receiving said company benefits at no financial risk to either staff members or the company.