UK - Troubled engineering group FKI has run up a £100m deficit under FRS17, City analysts calculate.
The firm has two main schemes – the £364m FKI Group Pension Scheme and the US-based £251.4m FKI Industries Group Pension Plan. At the end of March, it had a £7m surplus under FRS17.
The schemes have a combined 73% equity weighting and analysts believe they will have fallen into deficit by £100m.
The firm only ended its contributions holiday in November last year and resumed payments at 12%.
However, by the end of March it had increased its contributions rate to 23%.
FKI pension scheme manager Ted Rutter agreed it was likely that the schemes have fallen into deficit but said the firm would have a clearer picture of the health of its schemes after it has conducted a scheme valuation.
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