KCOM making further progress on pension deficit

KCOM has provided a financial update that indicates it is putting more money into reducing its pension scheme deficit

KCOM continues to make progress in dealing with its pension scheme deficit with the channel player accelerating the funding it can provide to increase the cash being paid into the pension pot.

Back in 2010 KCOM closed two of its pension schemes to introduce a single option and it expected to make deficit payments that reached £21m that would have been paid back over the course of several years.

Last year the firm struck an agreement with the Trustees of its Defined Benefit Pension Schemes and in a pre-close update the firm revealed that it had added further funding to address the deficit position.

"The Group is pleased to announce also that it has reached an agreement with the Trustees of its Defined Benefit Pension Schemes  to provide further funding of the Schemes' current deficit position through the asset backed Partnership that had been previously established during the year ended 31 March 2013," KCOM stated "The total value of this income distribution to the Schemes is £16.0m."

At the same time the channel player indicated that trading remained in line with expectations and it would be issuing results for the fiscal year ended 31 March in the first week of June.

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