UK - Department store chain Beatties is boosting its pension contributions in a bid to close a £6.5m hole in its defined benefit scheme.
The company will increase its ongoing contributions from 3% to 16% while employee contributions will remain at 7%.
It is also to start a series of cash injections – £600,000 a year – into the scheme.
Managing director Chris Jones said declines in equity markets had damaged the scheme, despite it benefiting from the trustees’ decision to switch to bonds and gilts in 2001.
He said the additional payments would come out of operational cashflow and would be reviewed regularly by directors.
As the scheme is closed to new entrants, Beatties said contributions would be paid to a diminishing pensionable payroll, so the changes should not increase its ongoing contribution outflow.
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