The injection will be funded through a bond issue that should see the clothes and food retailer’s pension fund deficit fall from £585m to £185m.
It has also announced that it will adopt FRS17 (retirement benefits) for the year ending 3 April 2004. The pre-tax charge for its adoption is estimated to be £134m.
Marks & Spencer group FD Alison Reed said: ‘Marks & Spencer is committed to ensuring the defined benefit pension scheme is adequately funded. By taking this action we are providing reassurance to the scheme members.’
Its latest share price is 299.25p, a 2% increase from its opening price of 293.25p.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016