G4S has shut three U.K. defined benefit (DB) schemes for further investments to limit the future growth of liabilities, Professional Pensions reports. The Group 4, Securicor and GSL schemes are the ones that have been closed.
The schemes have a combined deficit before tax of £249 million on an IAS19 basis, compared to £265 million in December 2010 after the firm made an additional contribution of £19 million. As per the global security group’s current recovery plan, it will contribute £35 million in additional payments in 2011.
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