M&S unveils plan to tackle pension deficit

High street chain Marks and Spencer has agreed a pension funding package worth £800m (€938.85m) in a bid to close the scheme’s deficit, it was announced today.

The group’s defined benefit scheme, which has 123,000 members, faced a £1.3bn (€1.52bn) shortfall when its last valuation was carried out at the end of March last year.