Fairfax to wind up staff pension schemes as membership dwindles

Thu, 29 Sep 2016

By Paul McBeth Sept. 29 (BusinessDesk) - Fairfax New Zealand, the newspaper publisher seeking to merge with rival NZME, will wind up its two staff pension schemes today as dwindling membership coincided with multiple rounds of job cuts in recent years, while new staff signed up to state-sponsored KiwiSaver. The Wellington-based subsidiary of Australia's Fairfax Media Group will close the Fairfax New Zealand Retirement Fund and Fairfax NZ Senior Executive Superannuation Scheme from Sept. 30, accounts for the two pension funds show. Busines...

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