William Sutton Trust has revealed a £9.9m deficit in its pension fund.
The trust's final-salary scheme, which closed to new members in April, lost £12.5m of its value in 2002/3. It was worth £2.6m in 2001/02. New employees are joining the Social Housing Pension Scheme and the trust has upped its retirement age from 60 to 65 in line with the scheme's policy.

Finance director Dave Franks said: "This is a valuation for accounting purposes and the actuarial estimate in February had a small surplus of less than £1m."

The figures appeared in the trust's annual report, published earlier this month. They use the scheme's value on 31 March – when the stock markets were in the doldrums.

The actuarial value takes a more long-term view.

The figures appeared in the trust's annual report, which highlighted the group's growth. Aashyana Housing Association, Tor Homes and Ridgehill Housing Association all joined this year.

The SHPS has a £117m deficit and is consulting employers on raising contributions.

Source

Housing Today