UK - Aviva will pump £365m (US$540bn) into its staff pension scheme in a bid to tackle its £2.7bn deficit.
The cash injection follows the insurer's decision to close both Aviva and RAC final salary schemes to future accruals (Global Pensions; April 20, 2010).
The firm said a long-term funding plan for the Aviva Staff Pension Scheme had been agreed with the scheme trustees. It said contributions, together with anticipated growth in scheme investments, were expected to eliminate the deficit ‘over time'.
Aviva chief executive Andrew Moss (pictured) added: "I'm pleased that we have agreed a long-term funding plan for our main UK pension scheme in this quarter, which we expect will eliminate the deficit over time.
"When combined with our proposal to close the scheme to future accruals, this should provide a welcome degree of certainty on funding for all our stakeholders."
A spokeswoman was unable to provide a specific funding timescale or details of future scheme contributions. She said further announcements would be made when the scheme closure consultation period ends in June, this year.
Aviva's decision follows high profile deficit reduction agreements from British Telecom and British Airways, who injected £525m and £330m into their respective pension schemes this year.
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