Staying on track

First Group has grown into a global bus and rail giant while keeping most of its defined benefit schemes open to new members. It's all due to trustee-sponsor dialogue and attention to risk. Nicholas Dunbar reports

Take a bus or train in the UK, the United States or Canada and the chances are that you are engaging the services of First Group. The iconic Greyhound buses that criss-cross North America, the ubiquitous yellow buses that ferry US children to school, and the lion's share of Britain's privatised train and local bus networks are all run by the Aberdeen-based FTSE 100 company.

As it grew into a 135,000 employee giant, acquiring often heavily unionised and often ex-publicly owned businesses, First