Serco DB Pension Obligations Increase
29 August 2012 (PLANSPONSOREurope.com) - International service group Serco has seen its defined benefit pension obligations increase, according to half yearly results.
The results for the group which is a sponsor of a number of defined benefit schemes and defined contribution schemes reveals as of 30 June 2012, the net retirement benefit asset included in the balance sheet arising from our defined benefit pension scheme obligations was £24.5m (31 December 2011: net asset of £16.8m), on a pension scheme asset base of £1.9bn.
Retirement benefit obligations were reduced by £50.5m due to the sale of Serco GmbH. The group’s acquisition of Vertex Public Services Limited included the acquisition of £8.4m of net retirement benefit obligations as at 11 June 2012.