Information  X 
Enter a valid email address

STV Group PLC (STVG)

  Print          Annual reports

Wednesday 06 October, 2021

STV Group PLC

Pension scheme valuation agreement

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 £116m on a pre-tax basis.  This compares to the pre-tax deficit of £127m 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 £9.3m, 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 thepension 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 / [email protected]  

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
AGRFZMGGNKNGMZM

a d v e r t i s e m e n t