Fujitsu Ltd. will contribute £800 million ($1.2 billion) to its U.K. pension funds this year, and an additional £20 million annually in an attempt to remove a £1.6 billion deficit by 2032, according to a spokesman.
The announced contribution will be split across three defined benefit funds — ICL Group Pension Plan, Fujitsu Comparable Pension Scheme and FTEL Pension Plan. Based in Staines, England, the funds have combined assets of about £2.7 billion.
“The special payment significantly reduces the risk within our U.K. pension plans and ensures the funding levels within the schemes remain stable and predictable,” Steve Clayton, chief financial officer of Fujitsu for the U.K. and Ireland, said in a news release about the contribution. Information on how the cash injection will be invested was not available at press time.