Business
Agreement of the triennial pension valuation
Agreement of the triennial pension valuation.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 8023M Smiths News PLC 30 August 2013 \n \n\nSmiths News PLC\n \nAgreement of the triennial pension valuation\n \nSmiths News PLC (\"the Group\"), the largest UK newspaper and magazine wholesaler, a leading UK book supplier and a leading distributor of consumable products to the education market, is pleased to announce it has agreed the triennial actuarial valuation for the primary defined benefit pension scheme (the Smiths News section of the WH Smith Pension Trust), effective 31 March 2012. Future contributions by the Group will be £4.1m per annum, reduced from £5.8m per annum, through to 31 March 2019.\n \nThe deficit in the scheme was £23.0m when last estimated at 19 June 2013, reduced from £50.0m at the last valuation date of March 2009.\n \nThe next valuation date for the scheme will be 31 March 2015.\n \nEnquiries:\n\n\n\n\nSmiths News PLC\n\n\n\n\n\n\n\nMark Cashmore, Group Chief Executive\n\n\nTel: 01793 563641\n\n\n\n\nNick Gresham, Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBuchanan\n\n\n\n\n\n\n\nJeremy Garcia / Gabriella Clinkard\n\n\nTel: 020 7466 5000\n\n\n\n\n \n \nAbout Smiths News PLC:\n \nSmiths News PLC comprises Smiths News, the UK's leading wholesaler of newspapers and magazines, Bertram Books, a leading UK book wholesaler and The Consortium, a leading independent distributor of consumable products to the education and care markets.\n \nSmiths News distributes newspapers and magazines on behalf of all the major national publishers as well as a large number of regional publishers. The business serves approximately 30,000 customers across England and Wales, supplying large general retailers as well as smaller independent newsagents. Smiths News has an approximate 55% share of the newspaper and magazine wholesaling market in the UK. In addition to its distribution activities, Smiths News collects and processes returns, supplies sales information to publishers and provides a range of services for its retail customers.\n \nBertram Books supplies books to a mix of independent booksellers, on-line and multiple retailers, and libraries. Bertrams is a leading supplier of consumer and academic books in the UK and a growing player in international, digital and direct to consumer markets.\n \nIn April 2012 the company acquir...