Business
Transfer of Pension Scheme Liabilities
Transfer of Pension Scheme Liabilities.
About this update from Sanderson Design Group Plc
[{"type":"text","content":"\n\n\n\n\n\n19 June 2024\n\n\n \n\n\n\n\n\nSANDERSON DESIGN GROUP PLC\n(\"Sanderson Design Group\", the \"Company\" or the \"Group\")\n \nTransfer of Pension Scheme Liabilities\n \nSanderson Design Group PLC (AIM: SDG), the luxury interior design and furnishings group, announces an agreement with the Trustees of the Abaris Holdings Limited Pension Scheme (\"Abaris Scheme\") in which the Group has paid £2.3 million in cash to enable the transfer of the scheme's risks to an insurer under a buy-in insurance policy investment.\nIn addition to the agreed cash amount, which was funded from the Group's existing resources, the insurer has also received the Abaris Scheme's existing investments as part of the buy-in investment. Scheme administration and advisory costs, estimated to be approximately £700,000 in total, will continue to be paid by the Group over the life of the pension scheme but the core financial and demographic risks associated with funding member benefits has transferred to the insurer. The ongoing costs will not impact the Group's adjusted profit before tax.\nThe agreement means that the Group will no longer be required to fund shortfalls to the Abaris Scheme, which might arise from changes in market conditions.\nThe Abaris Scheme, a defined benefit scheme with 59 retirees and 60 deferred participants, is the smaller of two legacy pension schemes operated by the Group. It has been closed to new entrants and future defined benefit service accrual since 2005.\n \nFor further information:\n\n\n\n\nSanderson Design Group PLC\n\n\nc/o Buchanan +44 (0) 20 7466 5000\n\n\n\n\nLisa Montague, Chief Executive Officer\n\n\n\n\n\n\n\nMike Woodcock, Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nInvestec Bank plc (Nominated Adviser and Joint Broker)\n\n\n+44 (0) 20 7597 5970\n\n\n\n\nDavid Anderson / Ben Farrow\n\n\n\n\n\n\n\n \n\n\n \n\n\n\n\nSinger Capital Markets (Joint Broker)\n\n\n+44 (0) 20 7496 3000\n\n\n\n\nTom Salvesen / Jen Boorer / James Todd\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nBurson Buchanan\n\n\n+44 (0) 20 7466 5000\n\n\n\n\nMark Court / Sophie Wills / Toto Berger / Abigail Gilchrist\n\n\n\n\n\n\n\[email protected]\n\n\n\n\n\n\n\n \nNotes for editors:\nAbout Sanderson Design Group\nSanderson Design Group PLC is a luxury interior furnishings company t...