QinetiQ reaches pension deal

■ Defence technology company QinetiQ said yesterday it has reached an agreement with the trustees of its pension scheme to reduce its pension deficit and improve the security of the scheme. QinetiQ, which makes high-tech military equipment such as bomb disposal robots and sniper detectors, yesterday said it had made immediate one-off payment of £40m into the scheme to cut its deficit. The trustees will from now on use the Consumer Price Index (CPI) as a suitable cost-of-living index for increases to pension payments and the revaluation of deferred benefits. QinetiQ said the impact of the change in index would see the funding deficit cut by around £109m to £74.7m.