The group conceded yesterday that after a full review of the scheme it now needed to allow at

The group conceded yesterday that after a full review of the scheme, it now needed to allow at least an extra £24m for predicted increases in longevity, adding that the total cost of closing the deficit would probably be £370m to £380mThe move comes in response to new pension regulations introduced this autumn, which stipulate companies with the financial capability must put plans in place to reduce their deficits as soon as reasonably possible, and must take no longer than 10 years. Ernst & Young and the Big Food Group are two of the only other major companies to have attempted a similar move in the UK in recent years.Andrew Macfarlane, the company's chief financial officer, said the company would consult with workers before pushing ahead with the plans, and stressed that the move would affect only 3,000 of Rentokil's 48,000 employees.Naomi Cook, the pensions officer of the GMB union, said: "We're appalled at any company closing its final salary scheme to existing members who have signed up for a job that had a final salary scheme attached and who would now view this as a breach of their terms and conditions."Rentokil closed its final salary scheme to new members four years ago, since when its deficit has grown to become one of the largest in the country. The news emerged as the company announced plans to eliminate its £325m pension deficit within the next six years, paying £200m into the fund immediately. However, it also admitted that its plans involved removing future benefits from the 3,000 employees who are still in the scheme by next summer - a move which is almost unprecedented among the UK's largest companies. Rentokil Initial, the pest control to security group, unveiled controversial plans to close its final salary pension scheme to existing members yesterday, setting it on a potential collision course with 3,000 of its employees and their unions. The two might also use their fortunes to finance an opponent to Mr Spitzer in the gubernatorial election..

Mr Spitzer is the Democratic candidate to be New York's next governor.News of an alliance between Mr Greenberg and Mr Langone was reported by the CNBC television network. Both have been busy lining up their powerful connections on Wall Street and in political circles to support their counter-attack on Mr Spitzer as a politically motivated opportunist.Mr Greenberg is thought to have approached the former New York governor Mario Cuomo. Despite being a Democrat, Mr Cuomo is reportedly helping start a public relations campaign for Mr Greenberg. It's outrageous."Mr Langone, the co-founder of the retailer Home Depot, attacked Mr Spitzer in a similar vein at an event at New York's Waldorf-Astoria last Friday, accusing his antagonist of being driven by "raw ambition for pure political gain".

The 80-year-old executive said last week: "For the attorney general to use his office to prosecute, and persecute, people in the press for political gain is wholly against our legal principles. Mr Greenberg is accused of accounting fraud, while Mr Langone is being sued for his role in allowing the NYSE's former chairman Dick Grasso to pocket $187m (£106m) in pay.Mr Greenberg and Mr Langone deny they have done anything wrong and have recently lashed out at Mr Spitzer's tactics, including his use of the media to make damaging allegations about people he is investigating.After 40 years running AIG, Mr Greenberg was ousted in March amid Mr Spitzer's investigation into accounting irregularities at the insurer. Hank Greenberg, the former chairman and chief executive of the insurance giant American International Group, and Kenneth Langone, who used to be chairman of the New York Stock Exchange's compensation committee, are considering launching a co-ordinated campaign against Mr Spitzer. Both high-profile businessmen are being pursued by the crusading attorney general over alleged wrong-doing. A backlash against Eliot Spitzer, New York's attorney general, is growing on Wall Street with two billionaire businessmen who have fallen foul of the combative government lawyer planning to team up to fight litigation he has brought against them. It said it had retained the right to participate in the Stratford project later.The latest profits warning came weeks after the group said it was happy with profit forecasts for the year to the end of June.

It conceded at the time that Wembley could prove more expensive than first thought.. Its stock has fallen by more than one-third in the past year.Multiplex also announced the disposal of several rights and interests, including those relating to the modernisation of Stratford in east London before the 2012 Olympic Games. It also said it would provide the market with a better estimate of the project's losses within the next few weeks.The shares plummeted 12 per cent before closing down 8.4 per cent at A$3.16. The company insisted the project would be finished in time for the FA Cup Final in May and that parts of the stadium would be handed over by 31 January. It is believed the Australian Stock Exchange forced the group to issue a second update. Although the company said a detailed review of its Wembley project had concluded its final loss was still subject to "considerable variability", it conceded it would now be "substantially adverse" from estimates given at the last set of results. In a trading statement to the Australian market yesterday morning, the company said only that it expected the Wembley project to drive profits lower than forecast in 2006. But hours later, it returned to the market saying the fall was likely to be about A$165m (£70m) - or 77 per cent.