Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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ITV PLC (ITV)

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Friday 26 March, 2010

ITV PLC

Confirmation of SDN pension p

RNS Number : 2673J
ITV PLC
26 March 2010
 



ITV plc confirms SDN pension partnership and new pension funding agreement

 

ITV and the Trustee of the main section of the ITV Pension Scheme (the "Scheme") have concluded a Partnership (the "Partnership"), backed by SDN, and, as a consequence, ITV's pension deficit on a funding basis is reduced by £124 million. 

 

In addition, ITV and the Trustee have agreed the level of deficit funding contributions ITV will make to the Scheme through to 2014.     

 

SDN pension partnership

Under the Partnership arrangements, ITV has committed to making a payment to the Scheme of up to £150 million in 2022, if and to the extent that the Scheme remains in deficit.  In addition, the Partnership will make an annual distribution of £8.4 million to the Scheme for 12 years from 2011. 

 

The Partnership's interest in SDN will provide collateral for these payments. SDN's revenues, profits and cashflows will continue to be consolidated in ITV's accounts and ITV will retain day-to-day operational control of SDN.   

 

Having acquired the partnership interest, ITV's pension deficit on a funding basis is reduced by £124 million (effectively reflecting the present value of the annual distributions and the £150 million payment).  The agreement does not impact the deficit calculated on an IAS 19 basis. 

 

Deficit funding contributions

ITV has also agreed with the Trustee the level of contributions to the Scheme through to 2014. 

 

From 2011, ITV will make deficit funding contributions of £35 million per annum. 

 

From 2012, ITV's annual contribution will be increased by £5 million, unless during the previous year ITV has implemented initiatives which reduce the Scheme's deficit by at least £10 million, compared with the level absent such initiatives.

 

In addition from 2012, if ITV's reported earnings before interest, tax and amortisation ("EBITA") before exceptional items exceed £300 million, ITV will increase this contribution by an amount representing 10% of EBITA over the threshold level. 

 

These arrangements supersede ITV's previous commitment to make annual contributions of £30 million per annum through to 2013, ahead of the next valuation of the Scheme due in 2011.  As a result of the agreements announced today, no further change is expected in ITV's committed contributions to the main section of the pension scheme before 2015. 

 

Ian Griffiths, ITV's Group Finance Director, said:

 

"Over the last 18 months, ITV has made significant progress in strengthening its balance sheet and managing its pension risk.  Today's agreement materially reduces ITV's pension deficit on the basis which drives our cash funding and confirms the contributions ITV will be making to the main section of the pension scheme through to 2014.  It represents a positive deal for members of the defined benefit pension scheme and for ITV's shareholders."   

 

Graham Parrott, Chairman of the Trustee of the ITV Pension Scheme, said:

 

"The Trustee has worked closely with ITV over the last several years to strengthen further the funding position of the Scheme.  This agreement provides increased security and improved funding to the Scheme, whilst recognising that members' best protection lies in the enduring strength of the ITV covenant going forward." 

 

 

-End-

 

 

For further enquiries please contact:

 

ITV plc

Tel: 020 7157 3000

 

Investor enquiries

Christy Swords

020 7157 6572 or 07881 505783

Pippa Foulds              

020 7157 6555 or 07778 031097

 


Media enquiries


Ruth Settle                 

020 7157 3707 or 07946 346698

Louise Evans             

020 7157 3710 or 07825 680994

 


 

Website: www.itv.com; investor information: www.itvplc.com

 

 

 

Notes to editors

 

1.   ITV has been advised on this transaction by Deloitte, Lovells and Slaughter and May.

 

2.   At 31 December 2009, ITV's pension deficit on an IAS 19 basis was £436 million, after a credit of £110 million to reflect actions taken during 2009; on a funding basis, the deficit was estimated to be approximately £550 million. 

 

3.   SDN Limited is a digital terrestrial television multiplex licence-holder wholly owned by ITV.  In 2009, SDN revenues were £44 million (2008: £33 million). 

 

4.   The next formal valuation of the Scheme is scheduled to take place as at 1 January 2011. 

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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