FRANCE - Alcatel-Lucent reported a pension and other post employment benefit (OPEB) deficit of €1.2bn ($1.7bn) in the third quarter down from an overfunding of €49m at the end of June.
The firm said the deficit was driven by a drop in the discount rate of 70 basis points which led to an increase in obligations of €1.9bn, which was offset in part by an increase in plan assets of €902m, the company said in its third quarter report.
However, the deficit is slightly better than the €1.4bn hole recorded at the end of September 2010.
Total assets are €27.9bn down from €27.4bn last year.
Alcatel-Lucent also said it planned to transfer 10,300 members from its US occupations pension plan to its US management pension plan, which would improve the funded status of the mnagement plan by $340m.
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
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The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.