General Electric to cut pension benefits for 2,700 UK employees

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March 10 - General Electric Co said on Thursday it would remove pension benefits for around 2,700 employees in the UK from January and freeze a related charge.

GE claims U.K. pension benefit obligation in the United Kingdom was about $14 billion at the end of 2020 Since September 2011 the company's pension plans have been closed in the UK to new entrants and open in the UK.

The affected employees would automatically be recruited into the GE defined contribution scheme, said the company.

GE, which makes power plants and aircraft engines, is working to reduce its pension obligations and to manage debt.

Continuing to solidify the company's financial position forces us to make difficult decisions, said the Chief Human Resources Officer Kevin Cox of GE.

The company said it would record a non-cash curtailment charge in the second quarter of 2021. The best way to describe something is to say it can be acted on by our lawyers.

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