Pension scheme closure to boost Fyffes annual profits

Fyffes has announced the closure of its Irish defined benefit pension scheme; a move set to boost its annual operating profits by €1m.

The Dublin-headquartered international fruit distribution firm yesterday updated on a number of significant corporate activities.

The closure of the pension scheme follows a once-off final payment of €20m to eliminate the entire future liability of the scheme, €10.5m higher than the deficit provided for in the group’s balance sheet at the end of June.