UK - Downtrodden telecoms company Marconi is to cling on to its final salary scheme as it looks to rectify a £137m shortfall in its pension fund.
The £2.7bn Marconi fund is to make additional contributions over 12 years to fill the gap, which will cost the firm around £16m per year.
The fund will increase its rate of contribution from 6.6% to 8.2%, starting from 1 April, 2002.
By Madhu Kalia
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
The DB white paper sets out plans to review the funding regime, with 'prudent' and 'appropriate' possibly redefined. But James Phillips asks if this could this signal a return to an MFR-like approach?
The trustees of GKN's pension schemes have agreed a package of mitigation measures that would improve funding to a "more prudent level" if Melrose's offer is accepted by shareholders next week.
While the new powers are welcome, most respondents doubt it will make a difference to the outcomes for members, Pensions Buzz respondents say.