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News: Issue 596 11 May 2012

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ITA in public sector-first deal to reduce bus pension fund deficit

West Midlands Integrated Transport Authority and National Express Group have completed a deal with Prudential to guarantee contributions needed to reduce the deficit of the West Midlands Bus pension fund. It is the first deal of its kind involving a public sector organisation.

The arrangement for the next five years will see Prudential provide an insurance wrapper for the fund, which is £71m in deficit according to the last actuarial valuation in 2010 (although only £16.8m in...

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