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UK firms shore up deficits

Four of the biggest names from the UK company scene have taken firm action to control their pension deficits as the impact of FRS 17 valuation method hits home.

Barclays Bank, Diageo, British Airways and Sainsbury's all took steps to control their spiralling pension deficits, but it was the actions of Sainsbury's that proved most dramatic, when it gave staff the option of increasing contributions or moving onto a scheme with lower benefits following its first valuation under FRS 17.

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