UK - Shipbroker Clarksons looks set to shut its £78m defined benefit scheme to new members after seeing its surplus evaporate within just six months.
The scheme had a £5m surplus under FRS17 at the start of the year, but this had been wiped out by market by the end of June.
The company is “evaluating a number of options that seek to limit the open-ended commitment that operating a final salary scheme entails”.
Clarksons company secretary David Gilbert confirmed that its pension arrangements would be reviewed, but stressed that no decisions had been made and no timetable had been set.
He added: “We don’t think things can continue as they are, so we need to take professional guidance. We haven’t got an answer.”
Presently, the scheme allocates 68.4% to equities, 22.2% to fixed income, 7.3% to real estate and 2.1% cash.
UBS Global Asset Management is the scheme’s sole fund manager, while Gissings is the administrator.
Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
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