CEPS Ceps Plc

TIDMCEPS

RNS Number : 5384M

CEPS PLC

31 July 2017

CEPS PLC

("CEPS" or the "Company")

Transfer of Pension Scheme

The Board of CEPS announces that with effect from 28 July 2017 it has transferred the Dinkie Heel Defined Benefit Pension Scheme from Davies Odell Limited to CEPS plc. This is an intra group transfer and there is no change in the overall liability of the CEPS Group. CEPS plc is the existing guarantor of the scheme.

The scheme is currently undergoing a triennial valuation which will be completed after the transfer. The last formal actuarial valuation was at 1 July 2013 and showed that the total value of the scheme assets was GBP3,621,000 and that the level of funding on an ongoing basis was 88%. At 1 October 2014 the Group agreed a recovery plan of GBP4,550 per month, an amount intended to restore a 100% funding level over ten years. In the Company's Report and Accounts for the year ended 31 December 2016, the fair value of the scheme assets was GBP4.065m as compared to the present value of defined benefit obligations of GBP3.894m.

The transfer will simplify management of the fund and is also likely to result in reduced administration fees.

This announcement contains inside information for the purpose of Article 7 of EU Regulation 596/2014.

Enquiries

 
 CEPS PLC 
  David Horner, Chairman                    +44 1225 483030 
 Cairn Financial Advisers LLP 
  Tony Rawlinson, James Caithie, Richard    +44 20 7213 
  Nash                                       0880 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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July 31, 2017 02:01 ET (06:01 GMT)

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