Business
Pension scheme valuation update
Pension scheme valuation update.
About this update from Mpac Group Plc
[{"type":"text","content":"\n \nRNS Number : 7325B Mpac Group PLC 11 June 2019 \n\n 11 June 2019\n \n \nThis announcement contains inside information for the purposes of Article 7 of Regulation (EU) No. 596/2014\n \nMpac Group plc\n(''Mpac'', \"Company\" or \"Group\")\n \nPension scheme valuation update\n \nMpac Group plc, a global leader in 'Make, Pack, Monitor and Service' high speed packaging solutions, is pleased to announce that it has concluded negotiations with the Trustee of the legacy 'Molins U.K. Pension Fund' in relation to the June 2018 triennial actuarial valuation and associated deficit recovery plan.\nThe actuarial deficit in the scheme has reduced from £69.9m at 30 June 2015 to £35.2m at 30 June 2018 on a technical provisions basis. The actuarial deficit is now expected to be eliminated in July 2024, compared to August 2029 under the previous valuation. The current annual deficit recovery payments have been maintained but will now cease more than five years earlier than was agreed under the previous valuation.\nAll other aspects of the deficit plan remain unchanged.\nWill Wilkins, Group Finance Director, commented:\n \n\"I am pleased to report that since joining the Mpac Board in June 2018, the Company and the Trustee of the pension fund have worked well together to reach a positive conclusion to the June 2018 valuation which has significantly reduced both the deficit and recovery period compared to the June 2015 valuation. There remains a signi...