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  • BY: Andrew Hore |
  • POSTED: 21/12/2010 |

Engineering design software provider Delcam says that it is closing its defined pension scheme to future accrual.

New entrants have not been allowed into the scheme since 2003 but existing members were still accruing their original benefits. This will end at the end of 2010. This affects around 100 people.

The cost of the pension provision is increasing and it would have become a huge burden to continue with the final salary scheme.

The pension deficit will still be around 4.4m. A single payment of 2.5m will be made into the scheme on 4 January. An annual payment of 500,000 will be made in order to eliminate the deficit by 2016

At 302.5p a share, Delcam is valued at 23.3m.

In November, Delcam announced a proposed 250,000 investment in Marcam Engineering, which provides additive manufacturing software. Delcam will take a 24.9% stake.

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