STV Group PLC Statement re Triennial Valuation settlement (3681S)
December 20 2016 - 5:09AM
UK Regulatory
TIDMSTVG
RNS Number : 3681S
STV Group PLC
20 December 2016
20 December 2016
Statement re settlement of triennial valuation of pensions
schemes
STV Group plc today announces that agreement has been reached
with the trustees of the company's defined benefits pension schemes
(the Scottish & Grampian Television Retirement Benefits Scheme
and the Caledonian Publishing Pension Scheme) for the 1 January
2015 triennial actuarial funding valuations and recovery plans.
The deficit on an actuarial basis was GBP129.9m on a pre tax
basis at 30 November 2016 compared to GBP83.0m on a pre tax basis
at the previous settlement date of 31 March 2014. This differential
is principally due to a decrease in gilt yields during this
period.
An 11 year recovery plan has been agreed with monthly payments
commencing in January 2017. The 2017 payment will total GBP8.6m
with annual payments increasing at the rate of 2% per annum over
the term of the plan.
Additionally, in the event of outperformance against the
Company's sensitised forecast net cash flow, contingent funding
payments equivalent to 20% of any outperformance above a benchmark
of available cash will be paid to the schemes. Sensitised forecast
net cash flow is defined as available cash flow pre-pension deficit
funding payments and returns to shareholders.
The next triennial valuation will take place as at 1 January
2018.
Rob Woodward, Chief Executive Officer, said: "The pension scheme
valuation agreement provides certainty to both the Group and the
schemes' trustees and demonstrates the continued commitment of the
Group to support the schemes."
Ends
Enquiries:
STV Group plc
Eleanor Marshall, PR & Communications Manager
Tel: 0141 3003670
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRBBBDDIGDBGLG
(END) Dow Jones Newswires
December 20, 2016 06:09 ET (11:09 GMT)