SCOTLAND - Employment agency Scottish Enterprise has a £38m black hole in its final salary pensions scheme.
The firm – Scotland’s largest taxpayer-funded organisation – said the deficit had increased by about £10m last year.
Scottish Enterprise finance director Ian Carmichael explained: “The deficit was caused by the stock market deterioration.
“But although the fund had a £38m deficit in March, if a valuation was taken today the deficit would be less.”
Carmichael said the company was considering increasing its contributions but no decision about member rates would be made until after an actuarial evaluation in April 2005.
The fund was capitalised at £208.3m in March this year and liabilities stood at £246.6m.
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