SCOTLAND - Scottish papermaker Tullis Russell is to plunge a fifth of its pre-tax profits into its final salary pension scheme.
And chief executive Fred Bowden said it may have to inject another £1m into the fund to help reduce a £25m deficit – £20m of which was created last year.
Tullis has already paid £2.7m in annual contributions and says any further cash injection will depend on market conditions during a review on minimum funding requirements in January.
Bowden said the payout would not be “life threatening” to the company.
The scheme has increased its holding in bonds to counteract a prolonged stock market downturn.
An innovative funding structure has been agreed for Croydon Pension Fund. However, there are some concerns about the arrangement. Stephanie Baxter reports
Some 52% of red flags raised by schemes on suspected scam pension transfers involve advisers or unregulated introducers, a report by the Pension Scams Industry Group (PSIG) has claimed.
The Norfolk Pension Fund has been successful as the lead plaintiff in a class action case that went to jury trial in California involving securities fraud.