Everything Everywhere, the UK’s largest mobile communications provider, saw its defined benefit pension deficits increase from £52m to £77m from 2011 to 2012 according to its latest financial statements.
The company’s DB scheme obligations increased by £408m to £468m over the same period, while plan assets increased from £356m to £391m.
The scheme was established on 1 March 2000 with benefits based on final remuneration and length of service. Assets are held in separately administered trusts.
Concerning the defined contribution scheme which is open to all employees, statistics showed that contributions payable by the company amounted to £17m during the year compared to £12m in 2011.
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