GKN confirms DB closure and £250m cash injection

Kim Kaveh
clock
Members will now accrue benefits on a DC basis from July 2017
Image:

Members will now accrue benefits on a DC basis from July 2017

Engineering group GKN has announced it closed its two UK defined benefit (DB) schemes to future accrual on 1 July, after falls in bond yields increased liabilities in 2016.

Its half-yearly report published today, the firm also revealed the total accounting deficit for these schemes, called GKN 2 and GKN 3, decreased slightly to £1.1bn on 30 June from £1.2bn on 31 December...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

More on Bulk Annuities

Industry Voice Video: Using nature to offset emissions

Robeco
clock 17 November 2021 • 1 min read

Industry Voice Video: Toughening up on carbon disclosure

Robeco
clock 17 November 2021 • 1 min read
Industry Voice: What has Covid-19 done to the bulk annuity market?

Industry Voice: What has Covid-19 done to the bulk annuity market?

Simon Bramwell of Barnett Waddingham sees a market that adapted quickly to the pandemic emerging relatively unscathed by a challenging year

Simon Bramwell
clock 27 May 2021 • 4 min read