Costain cuts payments to company pension scheme

Costain has struck a deal to cut payments to the company’s pension scheme releasing more cash to invest in operations.
Monthly payments to the defined pension scheme had increased to an annual payment of nearly £12m, paid in monthly instalments.
But a new deal reached with pension trustees will see the payment cut to £3.3m a year, plus inflationary increases.The scheme funding position at 31 March 2022 was a deficit of £25.1m – a funding level of around 97%.
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