Kiln said it has reduced its pension scheme deficit substantially, taking it from £28m (gross) at the end of 2004 to under £5m (gross) now.
Kiln said it has taken a number of steps in the last 18 months to address the challenge of its pension deficit which was recognised on its balance sheet on restatement of its 2004 financial statements under IFRS at the 2005 year end.
The most recent exercise was to offer an Enhanced Transfer Value to current and former Kiln employees who are deferred members of the company's final salary scheme. The company said the exercise achieved a 90% take up in value terms.
Kiln's chief executive officer, Edward Creasy, said: "This was an innovative move that builds on our earlier work to mitigate our pension deficit liability. We offered enhanced benefits to our deferred pensioners, achieving greater stability for our shareholders, and believe that we have arrived at a win-win solution for all concerned."
