Fujitsu ends UK final salary pensions

LONDON (Reuters) - Fujitsu Services, the UK arm of Japanese technology company Fujitsu Ltd <6702.T>, is to become the first large British employer in nearly two years to close its defined-benefit pension scheme to existing workers, the Financial Times reported.

In its Friday edition, the FT said the company had confirmed the move saying it was a "regrettable but prudent decision," adding the scheme was running a deficit of about 1 billion pounds.

"We are not the first to do this and I don't suppose we will be the last," the paper quoted the company as saying. It said Fujitsu would consult staff over the next 90 days and planned to offer affected workers membership in its defined contribution scheme.

No one at Fujitsu could immediately be reached for comment.

(Reporting by David Holmes; Editing by Steve Orlofsky)

Article Published: 14/05/2009