Kingfisher has recorded a £71m surplus within its defined benefit (DB) scheme compared to a £25m surplus in 2011/12 according to its latest preliminary results.
In addition, the home improvement retailer, stated that the net deficits within its defined benefit pension arrangements fell from £15m in 2011/12 to £0.
Following consultations with active members, the UK final salary pension scheme was closed to future benefit accrual with effect from 30 June 2012. The scheme had been closed to new entrants in 2004.
In July 2012, an enhanced DC scheme was offered to all UK employees with the reduction in cash contributions to the final salary scheme offset by higher contributions to the DC scheme.
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