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Pensions regulator approves ICG deficit funding

By BFN News | 08:26 AM | Thursday 16 October, 2014


Irish Continental Group's pension deficit funding plans have been given the go-ahead by Ireland's pensions regulator. ICG says it has been advised by the trustee of the Irish Ferries Limited Pension Scheme - the company's principal defined benefit pension scheme - that the Pensions Authority has now issued a direction enabling the implementation of the deficit funding proposal. Under the terms of the funding proposal, liabilities of the scheme will be reduced. The company will make deficit payments to the scheme of �?¬1.5m per annum for a projected period of 10 years to 2023 or until the deficit is eliminated if earlier, with additional payments of �?¬0.5m per annum to an escrow account, the balance of which will also be payable to the scheme in certain circumstances. At 8:26am: (LON:ICGC) Irish Continental Group PLC share price was +0.01p at 2.78p Story provided by StockMarketWire.com

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