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Water Co. Agrees To Pay £50M To Fill Pension Scheme Gap

Law360, London (December 3, 2018, 4:09 PM GMT) -- Southern Water will pay an additional £50 million into its pension scheme in a shorter time than the utility company had planned for to help it plug a deficit of more than £250 million ($318 million), the U.K.’s pensions regulator said.

The Pensions Regulator said Southern Water has agreed to close its pensions deficit by 2029 after the regulator found that the company had “unfairly treated” its scheme by paying £190 million in dividends to shareholders between 2016 and 2017. The company will double the size of its ​​​​​initial payments into the scheme after reaching a settlement with the regulator....

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