Construction grouop Kier Group is understood to be looking at options for its pensions scheme which could include passing it on to a third party. Sunday Telegraph
The £760m business is believed to be keen to keep its pension scheme open to existing members, as it feels this is vital to keeping staff in the run up to major building projects expected ahead of the 2012 Olympics. However, it is said to be has been considering different ways of reducing its liabilities.
At least one pension buyout specialist has provided a quote for part of the scheme, which has liabilities of around £540m. Other options being considered are said to include offering deferred members cash or an incentive to take another personal pension scheme.
Kier's full-year results unveiled last month said it had made ‘further special pension contributions’ of £11m in the year. It has two principal schemes – the Kier Group Pension Scheme, which includes a defined-benefit section, and a defined-benefit scheme on behalf of its staff in Kier Sheffield.