UK - International airport operator BAA has ended a six-year pension contribution holiday in a bid to tackle a £50m FRS17 shortfall in its scheme.
But the firm has vowed not to increase employee contributions to the plan.
The company will contribute to the £1.2bn scheme at a rate of 14% – matching the level prior to the holiday.
The anticipated pension costs for the full year under FRS17 will reach £50m. A BAA spokeswoman blamed improved mortality rates and poor market conditions for the shortfall.
She added: “By ending the company’s contribution holiday BAA hopes to tackle the costs and there are no plans to up employee contributions.
“We still offer one of the best pension funds in the country for a company of this size.”
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