WH Smith has today announced that it is to pump £13m a year over the next seven years into its defined benefit (DB) pension scheme, the WH Smith Pension Trust, to stem increasing pension deficits within the scheme.
The group’s latest interim financial statements have shown that the overall deficit figure within the scheme was £75m. WH Smith said that it had agreed to inject the sum of money within the scheme following a number of meetings with pension scheme trustees.
The present value of the economic benefits of the IAS19 surplus in the pension scheme was £130m compared to a surplus of £146m in 2012.
Also, in 2012, the pension obligation figure within the scheme was £774m with plan assets valued at £920m. For 2013, obligations were valued at £832m with plan assets valued at £962m.
WH Smith has operated a number of defined benefit plans, closed to future accrual and also operates a defined contribution scheme, the WH Smith Retirement Savings plan.
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