REG-Capita PLC: Agreement to reduce pension scheme deficit

CapitaAnnouncement

23/11/2018 10:05

Agreement to reduce pension scheme deficit

Capita plc (‘Capita’ or the ’company‘) announces that it has agreed a
deficit recovery plan with the Trustees of the Capita Pension and Life
Assurance Scheme (‘Scheme’).

This deficit recovery plan is in line with the commitment made by the company
in January 2018 to reduce the pension deficit over the medium term as a
priority. The actuarial deficit at 31 March 2017, the date of the last
triennial valuation, was £185m, before any effect from the recent High Court
ruling on Guaranteed Minimum Pension equalisation, which is not expected to
have a material impact.

The agreed deficit recovery plan, with payments totalling £176m, aligns with
Capita’s transformation programme, reflects the higher than expected
proceeds the company received in 2018 from its disposal programme and
incorporates steps to continue to lower the level of investment risk in the
Scheme, benefiting the Scheme and Capita.

The expected pension deficit recovery plan payment schedule is:

   2018   2019   2020  2021   Total 
   £42m   £71m   £59m   £4m   £176m 

Jon Lewis, Chief Executive Officer, Capita said: “This agreement is an
important milestone in Capita’s transformation and a further reflection of
the importance we place on good corporate responsibility. I made a commitment
to our stakeholders to address our pension deficit shortly after I joined
Capita and I am pleased that our financial strength and successful disposal
programme have allowed us to deliver on this.”

- End –

For further information:

Capita plc: Investor enquiries

Andrew Ripper, Head of Investor Relations
Fiona O’Nolan, Investor Relations Director
Tel: 020 7654 0220 or 020 7654 2281
IRTeam@capita.co.uk

Media enquiries:

Capita Press Office 020 7654 2399
media@capita.co.uk

Powerscourt Tel: 020 7250 1446
capita@powerscourt-group.com
Victoria Palmer-Moore, Mazar Masud
 

Capita is a leading provider of technology enabled business services,
operating across five key markets: Software; People Solutions; Customer
Management; IT Services and Government Services. Working across the UK,
Europe, India and South Africa, we use our expertise, talent and technology to
partner with our clients to transform services and add value for all their
stakeholders. Capita is quoted on the London Stock Exchange (CPI.L). Further
information on Capita can be found at: http://www.capita.com

LEI no. CMIGEWPLHL4M7ZV0IZ88.



Copyright (c) 2018 PR Newswire Association,LLC. All Rights Reserved