The £762m (€1.2bn) pension fund of Rentokil Initial, the UK-quoted pest control and security firm, has denied reports that it is closing down its defined benefit (DB) scheme.

Rentokil said that it was still in discussions about the future of the scheme. It may opt to set up a defined contribution (DC) scheme instead, but it is looking at several different options, and does not expect a decision for some weeks. It stressed that any move is not certain at this point.