UK - Increased pension contributions into building contractor Balfour Beatty's pension will result in an £11m charge on its profit and loss account for the full year.
The group’s interim results – for the six months to the end of June – revealed that £6m of this charge had been included in the first-half results.
Balfour Beatty’s £1.52bn pension scheme had a net FRS17 deficit of £75m at the end of last year – compared to only £37m previously.
The Balfour Beatty Pension Fund is 38% invested in equities, 59% in bonds and 3% in other assets.
The scheme is very mature having around 8000 active, 18,000 deferred and 15,000 pensioner members.
Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
This week's top stories included a Freedom of Information request revealing more than 100,000 savers could face six-figure tax bills as a result of GMP equalisation.
The Pearson Pension Plan has entered into a £500m pensioner buy-in with Legal & General (L&G) in the insurer's first deal of 2019.