asset-backed contributions

Trustees risk seeing their Pension Protection Fund levy rise by "millions" if they do not focus on the type of guarantee given by scheme sponsors, Mercer warns.

British Polythene Industries has agreed to top up the contributions to its pensions scheme from an asset-backed funding partnership after its latest triennial valuation.

Communisis has set up an asset-backed contribution arrangement with its pension scheme after a raft of measures to cut its deficit were cancelled out by market movements.

GKN has seen its pension deficit more than double over the past 12 months, as a falling discount rate cancelled out gains from a funding partnership and enhanced transfer value exercise.

Costain has begun an enhanced transfer value exercise as part of a raft of measures designed to cut its pension scheme liabilities by £50m.

The government has redrafted legislation on asset-backed funding published two months ago - potentially jeopardising transactions in progress, a consultant says.

Falling discount rates have pushed Diageo's pension deficit up by almost a quarter to more than £1bn.

Chemring has contributed more than £27m in contingent assets to its pension fund and opened a consultation to close the scheme to existing members.

Britvic has created a property partnership to provide up to £180m in contributions to its pension plan, after closing its defined benefit section to future accrual.

The pensions industry has cautiously welcomed the Chancellor's autumn statement.