UK - Media giant Trinity Mirror has revealed a six-fold increase in the FRS17 deficit on its combined £1bn-valued pension schemes.
The company revealed in its final results for the year ended December 29, 2002 that its pension funds, which were subject to a major fraud by Robert Maxwell in the 1990s, had seen deficits increase from £25.9m to £163.1m.
The company’s results attributed the rise to substantial falls in equity markets and reduced rates of return.
Trinity said there will be no immediate funding implications for its three final salary pension schemes and its two executive arrangements, all of which have been evaluated using FRS17.
The company has plans to open a DC scheme from July 2003.
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