The Bank of England, London, is contributing an additional £370.2 million ($673 million) to its pension plan over 10 years to close a £299 million deficit, according its annual report, released Thursday.
The bank already contributed an additional £52.5 million from cash to the £1.58 billion Bank of England Pension Fund for the last fiscal year, which ended Feb. 28. It will make three more payments of £52.5 million in each of the next three fiscal years, and then contribute £26.7 million for each of the following six fiscal years. These payments will be made on top of the bank's regular contribution, the amount of which is based on employee salaries and changes annually.
The plan's assets are managed internally. Information on how the additional money will be invested was not available at press time. According to the annual report, the bank will also review "pension arrangements, to be sure that reward strategies are up to date and affordable."
