US- Aerospace giant Boeing Co. contributed US$445m (e343m) to its pension plans in the first quarter of this year, and anticipates making total pension contributions of $1bn during 2005.
The US$445m discretionary contribution was in addition to pre-tax first quarter pension expenses of US$223m - an increase of $151m over pension expenses for the same time period in 2004. Boeing attributed part of this increase in pension expenses to the charges associated with the sale of its Electron Dynamic Devices business. The company also anticipates contributing $500m to pensions in 2006.
The company reported the pension contributions in its report on first quarter 2005 results. The cost of non-cash expenses for share-based plans, deferred compensation and pensions offset core business performance, driving quarterly earnings down to $687m from $824m for the first quarter of 2004.
“First quarter results reflect continued strong operational and financial perormnce across our businesses and d160,000 people of Boeing remain keenly focused on delivering value to customers and shareholders,” said James Bell, Boeing’s president and CEO. “Our cash flow remins very strong, driven by solid earnings and excellent working capital performance.”
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.