Headlam Group has reduced the deficit of its UK defined benefit (DB) pension scheme from £22.4 million to £11.5 million since March 2008.
The reduction follows an enhanced transfer value (ETV) exercise, which offered deferred members of the UK DB pension scheme the opportunity to transfer out on enhanced terms.
Since June 2010, the floor covering distribution firm has also made contributions totalling £3.3 million, in line with an arrangement introduced in 2008.
While the organisation does not anticipate any large payments occurring in relation to the ETV exercise during the second half of 2011, based on current assumptions, continued contributions will result in the scheme deficit completely eliminated by December 2015.
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