- Packaging company Mpac Group said the deficit of a legacy pension scheme had been reduced following negotiations with the trustee.

The actuarial deficit of the Molins UK Pension Fund had been reduced to £35.2m at 30 June, down from £69.9m on year.

The deficit was now expected to be eliminated in July 2024, compared to August 2029 under the previous valuation.

The current annual deficit recovery payments had been maintained but would now cease more than five years earlier than was agreed under the previous valuation.

All other aspects of the deficit plan remained unchanged.

'There remains a significant amount of work to be done, but there are genuine reasons to be confident that with continued sound governance, management of the scheme and cooperation between the trustee and the company, we can meet our long-term objectives regarding the pension scheme,' finance director Will Wilkins said.

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