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Issue 34
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Company unable to reduce pension deficit
Textile firm Dawson International has called in administrators after it was unable to reduce its defined benefit (DB) pension deficit said to be around £50 million.
On 8 August, the organisation was served with Notices of a Determination of Contribution by the actuary of its DB pension plans, which meant it must meet its pension fund deficit. However, the company announced that it was unable to make good on the deficit.