The Rotork Pension and Life Assurance Scheme moved from a deficit of £8m in December 2022 to a surplus of £9.3m as at 30 June 2023, after a special contribution from the employer enabled a scheme buy-in.

The group’s interim account revealed that the group made a special contribution of £20m to the Rotork Pension and Life Assurance Scheme, which, together with some of the existing assets, were used to purchase a bulk annuity covering the UK scheme's existing pensioner liabilities in June.

This was accounted for as a buy-in in the interim accounts, and was highlighted by the group as an investment decision to reduce risk of the scheme.

As a result of this, the pension scheme moved from a deficit of £8.0m at 31 December 2022 to a surplus of £9.3m at 30 June 2023.

However, the group confirmed that the deferred member pension liabilities remain outstanding under the scheme.

The group operates two defined benefit (DB) pension schemes, a UK scheme and a US scheme, both of which are closed to future accrual.

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