Results of Triennial Review (1945E)
April 04 2011 - 1:00AM
UK Regulatory
TIDMWRN
RNS Number : 1945E
Worthington Group PLC
04 April 2011
For immediate release 4 April 2011
Worthington Group PLC ("the Company")
Results of Triennial Review
The Company is pleased to confirm that the triennial review of
the Jerome Group PLC pension fund ("the Scheme") was concluded on
31(st) March 2011, between the Company and the Pension Fund
Trustees.
During the review the Trustees were able to achieve annual
administrative savings of over GBP30,000. The review process also
highlighted that as the Company's risk based levy had reduced,
overpayments had been made by the Company to the Scheme exceeding
GBP130,000 - this overpayment will now be refunded to the
Company.
The Scheme actuary has indicated that the current deficit stands
at GBP2.945 Million which is a considerable improvement on previous
expectations. The Company have entered into a new agreement which
will allow the Company to continue to pay GBP110,000 per annum via
monthly payments to the Scheme, with an agreement to increase these
payments by 3% per annum or the rate of CPI (whichever is the
lower) with increases commencing in April 2012. The Company will
continue to be responsible for the payment of all administration
costs surrounding the Scheme, including the PPF levy, and will pay
20% of its net profit to the scheme to help further reduce the
deficit.
Enquiries:
Anne Aylesbury, PD Cosec Limited, Company Secretary, Worthington
Group plc on 0208 940 0963
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396
This information is provided by RNS
The company news service from the London Stock Exchange
END
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