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Professional Pensions | 19 Sep 2011 | 12:40
Categories: Defined Benefit
Topics: Scheme closures, Sipp, Funding level
The Alliance Trust Companies’ Pension Fund has moved further into the black in the first six months of the year after closing to future accrual in the spring.
The scheme's funding position improved from a £0.8m surplus in January to a £2.9m surplus in July.
A net actuarial loss of £0.8m was reported after the discount rate used to calculate liabilities was reduced from 5.6% to 5.5%.
This came after the scheme - which closed to new members in 2005 - was closed to future accrual in April, following consultation with members and trustees.
The firm said staff were now entitled to receive contributions into their own self-invested personal pension provided by Alliance Trust Savings.
It said all employees received employer contributions of 10% into the individual SIPPs with a further 7% available in matching contributions.
Company secretary Donald McPherson said the firm had decided to make the change to ensure it had a consistent approach to pensions for all staff.
Categories: Defined Benefit
Topics: Scheme closures, Sipp, Funding level
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