In line with many UK companies,Whitbread, the UK's leading hotel and restaurant group, hasrecently completed a review of its current pension provisions.
Following a four month period of consultation, Whitbread announces today that it will close the defined benefit section of the Group Pension Fund to future accrual at the end of 2009. This will affect approximately 800 (3%) of employees.
At the same time, Whitbread will make improvements to the Defined Contribution section of the Whitbread Group Pension Fund and extend the eligibility for this scheme to a further 14,000 employees.
In 2002 Whitbread closed its defined benefit pension scheme to new members.
Lesley Williams, Pensions Director at Whitbread commented: "The changes will bring the pension benefits across the business into line and ensure that we offer fair pension benefits to all. Extending eligibility for the Pension Fund and improving the level of employer contributions will continue to ensure attractive benefits for Whitbread employees and for those joining the business."
Whitbread PLC is the UK's largest hotel and restaurant group operating market-leading businesses in the budget hotels and restaurant sectors. Its well-loved brands are Premier Inn, Beefeater, Table Table, Brewers Fayre, Taybarns and Costa Coffee.
Whitbread PLC employs over 33,000 people and serves 9 million customers every month in its 1,800 outlets across the UK.
In the financial year ended 26th February 2009, Whitbread PLC reported a 9.7% increase in Group Revenue to £1334.6 million and 12% increase in Underlying Pre-tax Profit to £228.2 million.
Whitbread PLC is listed on the London Stock Exchange. It is also a member of the FTSE4Good Index.
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