REG - CEPS PLC - Update - Pension Scheme <Origin Href="QuoteRef">CEPS.L</Origin>

CepsAnnouncement

31/07/2017 07:07

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 3,621,000 and that the level of funding on an ongoing basis was 88%. At 1 October 2014 the Group agreed a recovery plan of 4,550 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 4.065m as compared to the present value of defined benefit obligations of 3.894m.
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 Nash
+44 20 7213 0880

This information is provided by RNS
The company news service from the London Stock Exchange
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