Nationwide Building Society, Swindon, England, will move participants into its defined contribution plan, following a decision to freeze the Nationwide Pension Fund, a spokesman said.
"We will enroll all employees at (a) 7% employee contribution rate," the spokesman said, noting that Nationwide will contribute 16% to the DC plan, known as the Nationwide Group Personal Pension Plan.
The £6.5 billion ($8 billion) Nationwide Pension Fund, which has 4,800 participants, will be frozen on March 31, 2021, the firm announced in February.
Existing participants in the DC plan make a minimum contribution of 4%, with Nationwide contributing 13%.
"Additional contributions are matched up to a maximum of 3% so we enroll employees on the higher rate," the spokesman added.
The £463 million Nationwide Group Personal Pension Plan is managed by Aviva.
The Nationwide Pension Fund's assets increased 4% over the year to April 4, to £6.5 billion. The fund reached a surplus of £294 million as of April 4, a financial update Friday said. As of April 4, 2019, the fund was running a deficit of £105 million.
