Haynes Publishing Group has shut its defined benefit (DB) pension scheme to new entrants as the company's revenues have fallen in the past year.
In its annual financial results today the Somerset-based publisher of car manuals revealed it closed the UK scheme in June.
The scheme reported a deficit of £13.3m on 31 May 2015 under the IAS 19 accounting standard, an increase from £11.3m last year.
The group also closed its US DB scheme to new entrants in June.
Combined total assets of the schemes rose to £32.7m (2014: £29.6 million) while total liabilities increased to £47.1m.
Haynes reported an 11% fall in revenues during the financial year, blaming the poor results on difficult trading conditions. It also announced a cost and operational review across all jurisdictions.
Group chairman John Haynes said in a statement: "Our final year results are reflective of the challenging trading conditions that we are encountering in all consumer markets. The second half of the year was stronger, as expected, but the business continues to be affected by these challenging trading conditions, most notably in our important North American market."
A string of companies have closed their DB pension funds recently, most notably beleagured supermarket Tesco which was forced to offer concessions following a consultation on closing its DB scheme.
Nearly every trustee is confident of the next stage in their scheme’s strategy, despite almost an equal number being forced to consider replacing plans within the prior 12 months, according to research by Barnett Waddingham.
Companies could be overstating their pension liabilities by up to £60bn due to their life expectancy assumptions, according to XPS Pensions Group.
Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.
Regulators must act now to impose some "proper regulation" to stop another defined benefit (DB) transfer advice disaster, saysTim Sargisson.
Opportunities for defined benefit (DB) schemes to pursue investment approaches that help repair the UK’s economy cannot stand in the way of improving member outcomes, Aegon says.