9 Jul 2012

Pension deficit agreed

12:32 pm on 9 July 2012

Guinness Peat Group says the fundable pension deficit in the Staveley scheme has been agreed with the fund's trustee at £20 million.

The investment group also says it will make additional contributions of more than £15 million over eight years to clear the deficit.

GPG says the agreement with the trustee does not extend the £130 million already committed to supporting GPG's Staveley and Brunel pension plans.

The company also has pension commitments in Coats and the ultimate size of these liabilities remain uncertain.