Howden Joinery Group PLC Pension Scheme Funding (8947S)
28 June 2018 - 7:00PM
UK Regulatory
TIDMHWDN
RNS Number : 8947S
Howden Joinery Group PLC
28 June 2018
28 June 2018
Howden Joinery Group Plc
Pension Scheme Funding
Howden Joinery Group plc (the "Company") is pleased to announce
that it has reached agreement with the Trustees of its defined
benefit pension scheme in relation to the schedule of payments
required to fund the scheme deficit. It is agreed that it will make
annual deficit contributions of GBP30m per annum for up to five
years until June 2023. The Company's annual deficit contribution
was previously GBP35m per annum.
The funding position will be monitored on an ongoing basis, and
deficit contributions will be suspended should the scheme's funding
position improve to at least 100 percent of the scheme's funding
basis for two consecutive months and resumed if the funding
position subsequently falls back below 100 percent.
The agreement will result in a contribution to the pension
deficit in the current financial year ending 29 December 2018 of
GBP27.5m due to an interim bridging deficit contribution of GBP25m
being paid during the year to June 2018.
This agreement follows the triennial actuarial valuation of the
scheme as at 5 April 2017.
Enquiries
Investors/analysts:
Paul Sharma
Head of Investor Relations + 44 (0) 20 7535 1164/+44 (0) 7585
992943
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END
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