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Prudential shuts final salary scheme for employees

Prudential is closing its final salary scheme to new members from next year in a bid to put a cap on spiralling pension costs.

Unions have criticised the closure, but Prudential says the new scheme will benefit members who want greater job mobility.

Prudential will allocate up to 12 per cent of basic pay for employees who pay in 6 per cent themselves into a defined contribution scheme.

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