Update - Pension Scheme

RNS Number : 5384M

CEPS PLC

31 July 2017

 

CEPS PLC

("CEPS" or the "Company")

Transfer of Pension Scheme

The Board of CEPS announces that with effect from 28 July 2017 it has transferred the Dinkie Heel Defined Benefit Pension Scheme from Davies Odell Limited to CEPS plc.  This is an intra group transfer and there is no change in the overall liability of the CEPS Group. CEPS plc is the existing guarantor of the scheme.

The scheme is currently undergoing a triennial valuation which will be completed after the transfer. The last formal actuarial valuation was at 1 July 2013 and showed that the total value of the scheme assets was £3,621,000 and that the level of funding on an ongoing basis was 88%.  At 1 October 2014 the Group agreed a recovery plan of £4,550 per month, an amount intended to restore a 100% funding level over ten years.  In the Company's Report and Accounts for the year ended 31 December 2016, the fair value of the scheme assets was £4.065m as compared to the present value of defined benefit obligations of £3.894m.

The transfer will simplify management of the fund and is also likely to result in reduced administration fees.

This announcement contains inside information for the purpose of Article 7 of EU Regulation 596/2014.

Enquiries

CEPS PLC David Horner, Chairman	[phone]
Cairn Financial Advisers LLP Tony Rawlinson, James Caithie, Richard Nash	[phone]

 

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