Carillion deficit up in 1H

Multinational construction services company Carillion has seen its defined benefit pension deficit rise 15 per cent in the first half of the year, despite upping contributions.

In half year accounts published today, the FTSE 250 company revealed an after tax pension deficit of £283.8m, up from £247.6m at the end of December.

Fair value of the assets had increased £2.07bn from £1.92bn, but this was offset by a 9 per cent increase in liabilities to £2.43bn.

The sponsor made £19.2m in deficit recovery payments to the scheme in the first half of the year, compared with £13m in the final six months of 2012.

The most recent figures out of the Pension Protection Fund, covering the 6,316 schemes eligible for entry to the safety net, showed the overall funding level of UK DB schemes was 90.7 per cent.

There were 4,568 schemes in deficit at the end of July, 72.3 per cent of the total. The aggregate deficit of schemes in shortfall was £311.4bn.

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