The Week Unzipped: Unilever joins the great final salary exodus

UNILEVER has become the latest firm to close its final-salary pension scheme to staff.

The 5.4 billion scheme has 7,000 active members and closed to new joiners in 2008.

The group, which manufactures food and household products, said the scheme was increasingly unaffordable. It plans to offer a two-part scheme consisting of a defined benefit career average plan plus a defined contribution investing plan with effect from 1 January, 2012.

The 6,533 final-salary schemes in the private sector had a combined surplus of 45.5 billion in March, according to the Pension Protection Fund.

Bank holiday bill alert

CONSUMERS should check the deadlines on bills, invoices or debt repayments as the Royal Wedding and early May bank holidays next weekend might impact on payment timescales.

The Payments Council issued a warning to bill payers to ensure they won't be left with a late payment charge after the four-day bank-holiday weekend. It recommends online or telephone banking payments as faster alternatives where possible. Cards, one-off internet payments and direct debits will not be affected by the bank holiday.

Improving not moving

HOMEOWNERS are increasingly opting for home improvement work on their current house rather than moving, according to YouGov.

Research reveals that one in eight homeowners who have made structural changes to their home did so because they couldn't afford to move.

Instead of moving, households spend on average 12,000 on three structural changes including opening up walls. Around 60 per cent undertook the work to create more space to improve their living environment.

Homeowners looking to renovate can benefit from Shelter Scotland's Architect in the House scheme. The Royal Incorporation of Architects in Scotland give hour-long consultations in return for a suggested donation of around 40 to the charity Shelter Scotland.

Buying versus renting

BUYING property is 14 per cent more affordable than renting, according to Halifax.

The research found that renters typically pay nearly 100 a month more than mortgage holders.

Buying costs account for 27 per cent of the average UK disposable income compared with rental payments at 31 per cent, although tight lending criteria prevent many potential buyers from entering the market. Average mortgage rates have dropped steeply since 2008. Three years ago the average cost of buying was 43 per cent more than the typical rent paid.