Chivas Brothers, the Scotch Whisky and premium gin business of Pernod Ricard, has injected £60.5m into its defined benefit scheme, the Chivas Brothers Pension Scheme, in order to combat increasing pension deficits.
According to its financial statements for the year ended 30 June 2012, the company expects to contribute around £69.9m during the year to 30 June 2013, to tackle its deficit of £19,978m compared to £3,737m at the end of June 2011.
The market value of the assets of the scheme was £161.4m which the company stated was sufficient to cover the value of each member’s accrued benefits based on projected salaries to the extent of 81 per cent.
Chivas Brothers also provided statistics with regards to its defined contribution scheme. Contributions payable by the company during the year amounted to £484,935 compared to £297,551 in 2011.
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