Printer closes pension book

THE printer of the Harry Potter books, St Ives, is to axe its final salary pension scheme for existing employees.

Chief executive Brian Edward said it was "regretful" that the plan was closing but said the company was forced to because of escalating costs. He said other companies were likely to follow suit.

St Ives' pension scheme has 4000 members, 1000 of which are still employed by the firm.

The scheme was closed to new entrants in April 2002. It has pension assets worth £170 million, but the group's half-year results in February showed it had a £55m deficit.