Agreement of pension valuation settlement

RNS Number : 7856L

STV Group PLC

09 July 2014

 



Press Release                 

STV Group plc announces agreement of pension valuation settlement

9^th July 2014

STV Group plc today announces that an agreement has been reached with the trustees of the company's defined benefits pension schemes - the Scottish & Grampian Television Retirement Benefits Scheme and the Caledonian Publishing Pension Scheme - for the 1 January 2012 triennial actuarial funding valuation and recovery plans.

The deficit at the valuation date was £135 million on an actuarial basis and £83 million as at 31 March 2014.  This reduction is primarily due to increases in the asset values of both schemes during the period together with deficit funding payments made by the Group.

A reduced recovery plan period of 11 years has been agreed compared with 18 years at the previous valuation date.  The payment profile will be £5.5m in respect of 2014, of which £4.7m was paid in January 2014, and between £7.0m and £7.75m from 2015 to 2025 inclusive.  The next triennial valuation is due on 1 January 2015.

Rob Woodward, Chief Executive Officer, said: "The pension scheme valuation agreement provides certainty to both the Group and the schemes' trustees and demonstrates the continued commitment of the Group to support the schemes."

Ends

Enquiries:-  

STV Group plc

Eleanor Marshall, PR & Communications Manager

Tel: [phone]

Instinctif Partners

Jamie Ramsay

Tel: [phone]

 

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