UK - Electrical parts supplier Electrocomponents is considering closing its £170m DB scheme even though it has a healthy FRS17 surplus.
A company spokesman said a review of its DB scheme was taking place and that closing it to new members and opening a DC scheme was one of the options being considered.
The review was prompted by concerns over increased longevity and lower returns from scheme investment, yet under FRS17 accounting rules, its scheme has a surplus of £22.1m with a funding level of 115%.
The fund currently has £127.3m invested in equities and £35.1m in fixed income. The remainder of the scheme assets are allocated to property and other asset classes.
Electrocomponents currently employs 2500 in the UK and has now dropped out of the FTSE100 Index.
By Geoff Ho
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