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LONDON—Royal Dutch Shell P.L.C. will close its £12.4 billion ($19.3 billion) U.K. defined benefit pension plan to new employees in early 2012 and introduce a defined contribution plan for new employees.
The move “reflect(s) market trends in the U.K.” in terms of closing DB plans in favor of DC ones, according to a statement on the company's website.
“The plan will be designed to ensure that the reward package in the U.K. for new hires remains strongly competitive,” according to the statement.
Reached by telephone, Ian Chisholm, general manager of Shell's trustee services unit, said, “The form and structure of the plan are still being developed. Further details will be given in due course.” He declined to comment further.
The Shell Contributory Pension Fund, London, was 110% funded as of Dec. 31, 2010, the most recent data available, according to the company's website.
Drew Carter is a reporter for Pensions & Investments, a sister publication of Business Insurance.