Kier Group considering pension scheme sale
23/10/2007
Construction company Kier Group is reportedly looking at options for its pension scheme, which could include a sale. Kier is thought to be keen to keep the scheme open to existing members as part of an effort to retain staff prior to the 2012 Olympics, however the decision is part of an attempt to reduce the company's liabilities.
The company has also been actively trying to cut its pension deficit. Kier has two principal schemes, and the main Keir Group Pension Scheme, valued at £506.7m with liabilities of £537.3m, reported a deficit of £21.9m in June.
The news comes after PricewaterhouseCoopers published a survey estimating that over a quarter of large UK companies are considering selling their pension schemes.
