UK - Aga Foodservices, the British oven maker, has said it is reviewing the "strategic options" for funding its £791.9m (€1.16bn) pension scheme.

Aga's chief executive William McGrath, who made the announcement late last week when presenting the company's interim results, said KMPG has been hired to consider the fund's options.

This move is believed to follow an 8% investment in Aga by Edmund Truell's Pension Insurance Corporation (PIC), increasing the 3% stake it took in July.

Aga said on Friday its own pension fund surplus, valued at £73.4m on an IAS19 basis, was "large in relation to the business," capitalised at £485m.

Aga has become the latest UK public company to consider a pension buy-out.

Rank Group, the owner of Mecca Bingo and other gaming businesses, last week confirmed it is contemplating putting its £700m pension scheme up for sale.

Rank told IPE the pension scheme is quite large in comparison to the company's market capitalisation so Rank considers removing the liability attractive.

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