UK - Newspaper and magazine distributor Dawson Holdings has revealed an FRS17 deficit of £6m on its £30m pension scheme.
The scheme, which closed to members in 1999, has increased member contributions – for two categories of employees – from 5% to 6% and 4% to 4.5%.
Chairman Peter Brown said: “Because of actions taken in the past and the willingness of the members to share the increasing cost of funding, the scheme has a manageable deficit even if the stock market remains at current levels.”
The company’s 2002 interim financial results reduced its equity exposure moving from an 80-20 equity/bond split to a 60-40 allocation.
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