UK - Falls in equity values may force electricity provider the Viridian Group to restart contributions into its closed £814m final salary pension scheme.
The owner of Northern Ireland Electricity closed its final salary scheme to new entrants in 1998 and now runs a defined contribution scheme for new employees.
At its last actuarial evaluation in March 2002 the scheme was £76.9m in surplus under FRS17.
However, a Viridian spokesman said: “Following falls in equity markets, the group has been monitoring the funding position of the scheme and this has indicated that renewed contributions may be required from next year.”
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In September workers at Northern Foods agreed to increase their pension contributions from 5% to 7% for staff on a 1/60th entitlement and from 3.5% to 5% for those on a 1/80th pension in order to save their £430m final salary scheme.
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