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March 25, 2013

Fujitsu to inject £800m into UK staff pensions

The investment will be split between three pension schemes

By CBR Staff Writer

Fujitsu is planning to inject about £800m into its UK business pension schemes, which have been facing a deficit.

As a result the pensions deficit will be reduced by half from £1.6bn, while its annual contributions to the plans will be trimmed down by about £75m to £20m.

The investment will be split between three defined-benefit pension schemes: The ICL Group Pension Plan, Fujitsu Comparable Pension Scheme and FTEL pension scheme.

Fujitsu UK & Ireland chief financial officer Steve Clayton said, "The special payment significantly reduces the risk within our UK pension plans and ensures the funding levels within the schemes remain stable and predictable."

"In addition to this, it creates space for the UK & Ireland business to invest over the coming year and to continue to deliver growth within the region," Clayton said.

In 2012, the company invested £40m in the UK that comprised £14m for research and development bringing its overall investment in past 13 years to £3bn, according to the company.

According to the company, its UK supply chain generates about £215m in revenues for small and medium-sized businesses, while it has also contributed about £1bn in tax during the past three years.

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Fujitsu’s development laboratory carries out research in 4G and 5G mobile broadband technologies, while it has also been investing in fibre networks in cities, though it confirmed that it would no longer participate in the government’s £530m rural broadband scheme.

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