Bovis Homes’ defined benefit (DB) pension scheme has moved from a deficit of £0.7 million to a surplus of £9.8 million, its first half 2015 interim results revealed.
The housebuilding organisation’s DB pension scheme assets rose to £111.8 million from £103.4 million in the six months to 30 June 2015.
Its scheme liabilities decreased from £104 million to £102 million over the period.
The movement relates to a £7.8 million special contribution from Bovis Homes into the scheme and an increase in the discount rate applied to liabilities, as a result of changes in bond yields.
