Pension Buy-in

RNS Number : 8806R

4imprint Group PLC

23 November 2012

 



               4imprint Group plc                                                                                                                    23 November 2012

               Pension Buy-in

4imprint Group plc ("4imprint") announces that the Trustee of the 4imprint Group Pension Scheme (the "Scheme") has entered into a buy-in agreement with Pension Insurance Corporation ("PIC"), a leading provider of pension insurance solutions to defined benefit pension funds. 

In return for an insurance premium of £25.2m, the transaction produces an income stream for the Scheme which covers future payments to 481 pensioners, representing approximately 20% of the Scheme's total liabilities.

The insurance premium has been funded by £13.2m of assets from the Scheme, £11.4m already held in escrow (representing part of the cash received by 4imprint following the sale of its Brand Addition business) and £0.6m paid by 4imprint, representing an advance payment of the amount due to be paid into escrow in March 2013.

The buy-in eliminates inflation, interest rate and longevity risks associated with the benefits insured.

John Poulter, Chairman commented:

"This buy-in covers approximately 20% of the Scheme's total liabilities. We will continue to review options for the remaining liabilities of the Group's legacy pension scheme with the aim of reducing risks further. "

For further information please contact:

4imprint Group plc Tel: + 44 (0) 20 7299 7201

MHP Communications

John Poulter Chairman Gillian Davies Group Finance Director

Reg Hoare Tel: + 44 (0) 20 3128 8793 Katie Hunt Tel: + 44 (0) 20 3128 8794

 

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