Bloomberg News

BAE Closes Pension Plan for New Employees, Sunday Times Says

April 01, 2012

BAE Systems Plc (BA/) has shut its final salary pension plan to new workers to help control its pension deficit, the Sunday Times reported, without saying how it obtained the information.

The company is replacing the arrangement with a defined contribution savings plan, the newspaper said. The pension deficit climbed to 4.2 billion pounds ($6.7 billion) last year from 3.1 billion pounds in 2010, the newspaper reported.

The defense company will also seek approval for a new executive share-option plan at its annual meeting, the Sunday Times said.

To contact the reporter on this story: Ben Martin in London at bmartin38@bloomberg.net

To contact the editor responsible for this story: Paul Armstrong at Parmstrong10@bloomberg.net


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