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Aruba, February 3, 2012 - Anglo-Dutch oil giant Royal Dutch Shell is to close its final-salary pension scheme to new employees in the UK. From early 2013, new staff at Shell will be offered membership of a scheme without a guaranteed level of pension.
Existing members of the Shell scheme can continue contributing and building up their salary-linked pensions.

As employers look to cut costs, 90% of final-salary schemes have been closed to new members, according to the Association of Consulting Actuaries. It is believed that this is the last of the UK's top 100 publicly-listed companies to pull out of offering final-salary pensions to new recruits.

"Already, there are only around two million private sector employees still building up any kind of defined benefit pension," said Mark Duke at actuaries Towers Watson. "This figure will only go down as the dwindling number of long-serving members retire and as more employers accelerate the process by closing their schemes to existing members too," he added.

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