KCOM works to bring down pension deficit
Communications services firm KCOM said it is working with the trustees of its pension schemes to pay back the deficit.
Communications services firm KCOM said it is working with the trustees of its pension schemes to pay back the deficit.
Alongside a trading update in which the firm said that its performance has been in line with market forecasts in the year to March 31st, the group said it has reached an agreement with the trustees to create an asset-backed partnership.
This partnership "provid[es] the group with an efficient mechanism of funding the schemes' current deficit position", KCOM said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm has transferred its interest in certain freehold properties into the partnership, providing an annual income distribution of £1.05m, rising in line with CPI inflation over a potential period of 15 years.
"The group continues to work closely with the trustees on further funding options, including the ability to provide additional efficient income streams through the [artnership and envisages being able to provide an update as to the schemes' funding position and deficit repair plan at the preliminary results announcement in June."
KCOM's shares were up 0.25% at 81.6p in early trading on Thursday.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
High earners underestimate how much they need to retire comfortably
High net worth individuals grossly misjudge how much money they need for a comfortable retirement, new data shows, with many not saving enough.
-
Retired banker who gave wife £80m to avoid inheritance tax won’t face equal split in divorce
Family lawyers say the Supreme Court ruling will have significant impact on high net worth divorce cases