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Rolls royce pension deficit.
Engine maker rolls royce confirmed it has started talks with workers about how to tackle a 1 1 billion shortfall in its uk pension fund.
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The improved funding was primarily driven by a 4 6bn bulk annuity deal with legal general completed in june of last year.
A defined contribution scheme will be open to any future members.
Rolls royce is bucking that trend with a reform of its myriad defined benefit pension funds made possible by the merger of four schemes into one leaving the overall pension fund with a 1bn surplus.
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Sir john rose rolls royce s chief executive said the company was consulting with employees to limit the financial impact of the huge rise in the pension fund deficit from 284m the previous year.
At 31 december 2006 the combined uk pensions scheme deficit was 665m before tax.
The deficit had already reduced from 1 6bn in 2005 but these latest developments mean the rolls royce group pension scheme and the vickers pension funds now all closed to new members from april 1 2007 alongside the rolls royce pension fund which closed to new members in 1999.
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In its latest financial report at the end of february rolls royce revealed its db pension deficit had fallen by 849m to 208m.
This was primarily driven by a 4 6bn bulk annuity deal with legal general completed in june of last year.
I m a member of the rolls royce uk pension fund and was previously in one of these schemes rolls royce pension fund rolls royce group pension scheme vickers group pension scheme rolls royce engine control systems pension scheme.
The trustees of the rolls royce group pension scheme our second largest pension scheme have already implemented a substantial switch into assets that are better correlated with the liabilities and continue to work with the group.
The rolls royce defined benefit db pension scheme deficit has fallen by 849m to 208m the group s financial report has shown.
The deficit was announced at the same time as the company.
