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 Brunel Pension Partnership has become the fourth local authority pool to receive the green light from the regulator.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.