...and adds £10m to pension scheme

Wimpey has lifted its cash contribution to the group's defined benefit pension scheme by £10m to close a funding deficit. The new figure of £18m will be increased again in 2004 to £23m.
Had FRS17, the new accountancy standard, been adopted at the 2003 year-end, a deficit of £130m would have shown up in the scheme, which was closed to new members in 2002. The
deficit was higher than the previous year's shortfall of £115m.
The fund has assets of £600m. As a result of a policy change, the scheme now has 70% of its assets in bonds and 30% in
equities. Bonds offer greater security of value but the drop in bond rates has proved a barrier in cutting back the fund's
large deficit.
Wimpey employees have seen early retirement benefits trimmed back. Also, a wider range of contribution options have been brought in: paying in 5% of salary results in pension
benefits of 1/80th while a higher contribution of 8% of salary will provide for a figure of 1/60th.