GPG Pension Schemes

RNS Number : 1506H

Guinness Peat Group PLC

06 July 2012

 



GUINNESS PEAT GROUP PLC

("GPG" or the "Company")

Announcement

GPG Pension Schemes

In the Chairman's Statement accompanying the 2011 Annual Report reference was made to the GPG Pension Schemes advising, amongst other things, that the Staveley Scheme valuation was due to be completed by July 2012.  It was noted that this valuation was likely to result in a funding deficit and that negotiations would be undertaken with the Trustee to establish appropriate support arrangements.

The Company can confirm that discussions with the Trustee have now been concluded enabling the Trustee to finalise the valuation with an agreed funding deficit of £20.3m.  It is anticipated that a combination of an initial employer contribution of £5 million and subsequent contributions of £1.3 million per annum over eight years commencing in July 2012 together with the Trustee's assumptions on returns on assets over that period should see that deficit made good and a recovery plan has been agreed on this basis.

The agreement reached with the Trustee does not extend the £130 million already committed to supporting the GPG Schemes: rather it specifies how that obligation is in part to be utilised.

We will continue to update shareholders regarding any material matters which affect the Pension Schemes going forward.

Chris Healy

Company Secretary

Guinness Peat Group plc

06 July 2012

Enquiry details are:

New Zealand and Australian media:      Geoff Senescall on:        [phone]

UK media:                                        Kevin Smith on:             [phone]

 

END

 

 

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