UK - Construction group Carillion's profits have been hit by increased pension costs.
Carillion said pre-tax profits for 2003 were £50.8m, only £400,000 more than last year, after suffering £18m of “unavoidable” rises in the cost of running its £379m Carillion Staff Pension Scheme.
The firm has had to increase contributions to deal with its FRS17 deficit, which had grown from £53.1m in 2002, to £76.6m last year.
The firm said its focus on cost-cutting and performance improvement had resulted in profits being broadly similar to last year’s figures but the pension costs had hit them hard.
Chief executive John McDonough said: “The rise in cost is no more extraordinary than any other scheme’s at the moment and we are not concerned by it.”
The trustees of the Kodak Pension Plan No.2 (KPP2) have said it will likely enter the Pension Protection Fund (PPF) in "due course" after reviewing the scheme's investment in Kodak Alaris.
A US company has completed a £285m pensioner bulk annuity for around 1,100 of UK members with Legal & General (L&G).
Former BHS chief Dominic Chappell has been accused of trying to rewrite history as he seeks to overturn a conviction for failing to hand over information to the regulator.
The Pensions Regulator (TPR) will double down on its supervision with hundreds of schemes expecting increased oversight, while more than 60 will be subject to dedicated, one-to-one supervision.