STV Group PLC Pension scheme valuation agreement (1237O)
06 Octubre 2021 - 1:00AM
UK Regulatory
TIDMSTVG
RNS Number : 1237O
STV Group PLC
06 October 2021
0700hrs, Wednesday 6 October
STV Group plc reaches agreement on pension triennial funding
valuations and recovery plans
STV Group plc today announces that it has reached agreement with
the trustees of its defined benefit pension schemes (the Scottish
& Grampian Television Retirement Benefits Scheme and the
Caledonian Publishing Pension Scheme) for the 31 December 2020
triennial funding valuations and recovery plans.
The combined funding deficit, having allowed for movements in
the funding position to 30 June 2021, has reduced to GBP116m on a
pre-tax basis. This compares to the pre-tax deficit of GBP127m at
the previous settlement date, which allowed for movements in the
funding position between the 31 December 2017 valuation date and 28
February 2019.
Deficit recovery plans, which end on 31 October 2030, have been
agreed with aggregate monthly payments unchanged from the previous
recovery plans. The 2021 deficit recovery payments will total
GBP9.3m, with annual payments then increasing at the rate of 2% per
annum over the term of the recovery plans, in line with the
previous agreement.
A contingent cash mechanism remains in place. As previously,
contingent funding payments equivalent to 20% of any outperformance
above a benchmark of available cash will be paid to the
schemes.
The recovery plans are designed to enable the schemes to reach a
fully funded position, using prudent assumptions about the future,
by 2030.
The next triennial valuations will take place as at 31 December
2023.
Lindsay Dixon, CFO , said: "Agreement on the pension scheme
valuations has been reached in an efficient and timely manner,
providing certainty to STV, the schemes' trustees and to our
broader stakeholders, and demonstrating STV's continued commitment
to supporting our former colleagues."
Contact:
Kirstin Stevenson, Head of Communications, STV - 07803 970106 /
Kirstin.stevenson@stv.tv
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END
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