UK - Beleaguered telecoms firm Marconi is freezing contributions into its £2.35bn DB plan.
Company contributions to the scheme – which is funded to between 115% and 119% on an MFR basis – currently stand at 8.2% of pensionable payroll.
The company has also agreed with trustees that the previously disclosed additional funding of £7m per annum to cover past deficits is no longer required.
Marconi is set to reveal the scheme’s FRS17 deficit in its full-year financial results on May 29.
In January Marconi revealed it had doubled the allocation of bonds in the scheme over the past 18 months.
A spokesman also confirmed there had been several fund management changes as a result of the switch but refused to reveal details.
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