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Move would affect 2,800 employees in two defined benefit plans starting in 2022.
General Electric (GE) has proposed freezing the accrual of pension benefits for its UK defined benefit (DB) pension plans, which cover approximately 2,800 employees. A 60-day consultation process with plan members will begin in February, and, if implemented, the freeze would come into effect Jan. 1, 2022.
The freeze would affect all members of the GE Pension Plan and the GEAPS Pension Scheme in the UK, who would be automatically enrolled into GE’s existing defined contribution (DC) plan. The company is also proposing a temporary 2% increase to the default 10% employer contribution for the first two years, and said there would be no change for GE retirees already collecting pension benefits, and no change to existing benefits accrued by active members through the end of 2021. ....

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