Summary
HIGH-STREET chain Marks and Spencer has agreed a pension funding package worth pounds 800m in a bid to close the scheme's deficit, it was announced yesterday. The group's defined benefit scheme, which has 123,000 members, faced a pounds 1.3bn shortfall when its last valuation was carried out at the end of March last year. In order to close this, M&S has agreed to pay in an additional pounds 376m between now and 2018.
It will contribute pounds 35m a year for the next three years, rising to pounds 60m for the remainder of the period, on top of the regular contributions it already makes.See the full content of this document
Extract
Pounds 800m Funds Deal to Close the Deficit in M&S Pension
The fund will also benefit from a further pounds 300m through an additiona...
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