Business
Pension Scheme Funding
Pension Scheme Funding.
About this update from Howden Joinery Group Plc
[{"type":"text","content":"\n \nRNS Number : 8947S Howden Joinery Group PLC 28 June 2018 \n\n28 June 2018 \n \nHowden Joinery Group Plc\n \nPension Scheme Funding\n\nHowden 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 £30m per annum for up to five years until June 2023. The Company's annual deficit contribution was previously £35m per annum.\n\nThe 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.\n\nThe agreement will result in a contribution to the pension deficit in the current financial year ending 29 December 2018 of £27.5m due to an interim bridging deficit contribution of £25m being paid during the year to June 2018.\n\nThis agreement follows the triennial actuarial valuation of the scheme as at 5 April 2017.\n \n\n Enquiries\n Investors/analysts: \n Paul Sharma\n Head of Investor Relations + 44 (0) 20 7535 1164/+44 (0) 7585 992943\n\n \n\nThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further informa...