REG - 4imprint Group PLC - Pension Buy-in Transaction

4imprintAnnouncement

04/07/2023 07:00

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RNS Number : 8164E  4imprint Group PLC  04 July 2023

4 July 2023

4imprint Group plc

Pension Buy-in Transaction

 

4imprint Group plc, (the "Group"), the leading direct marketer of promotional
products, is pleased to provide an update on the further de-risking of the
Group's legacy defined benefit pension plan (the "Plan").

 

At the end of June 2023, the Trustee of the Plan, with the full support of the
Group, entered into an agreement with Legal and General Assurance Society
Limited to insure substantially all remaining pension benefits of the Plan
through the purchase of a bulk annuity policy. This was an investment decision
for the Plan, consistent with both the Trustee's overriding objective to
enhance the security of the benefits payable to members and the Group's
long-term commitment to the full de-risking of its legacy defined benefit
pension obligations. The Trustee was advised by Mercer Limited and Arc
Pensions Law.

 

The transaction took the form of a 'buy-in' arrangement, with the fair value
of the bulk annuity policy matching the liabilities being insured, thus
eliminating inflation, interest rate and longevity risks and removing
volatility from the Group's balance sheet. In order to crystallise the buy-in
transaction in the current insurance market the Group agreed to accelerate
most of the previously agreed schedule of recovery contributions due to end in
September 2024, equating to a cash lump sum 'top-up' contribution to the Plan
assets of approximately $4m, to be paid in early July 2023.

 

Further details regarding this pension buy-in transaction will be provided
with the Group's Half Year Results Announcement to be released on 9 August
2023.

 

 

For further information, please contact:

 

 4imprint Group plc           MHP Group

 Tel. + 44 (0) 20 3709 9680   Tel. + 44 (0) 7884 494112

                              Email: 4imprint@mhpgroup.com

 

 Kevin Lyons-Tarr          Katie Hunt

 Chief Executive Officer

 David Seekings            Eleni Menikou

 Chief Financial Officer

 

 

 

 

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