Business
Agreement of pension valuation settlement
Agreement of pension valuation settlement.
About this update from Stv Group Plc
[{"type":"text","content":"\n \nRNS Number : 7856L STV Group PLC 09 July 2014 \n \n\n \n \nPress Release \n \nSTV Group plc announces agreement of pension valuation settlement\n \n9th July 2014\n \nSTV Group plc today announces that an agreement has been reached with the trustees of the company's defined benefits pension schemes - the Scottish & Grampian Television Retirement Benefits Scheme and the Caledonian Publishing Pension Scheme - for the 1 January 2012 triennial actuarial funding valuation and recovery plans.\n \nThe deficit at the valuation date was £135 million on an actuarial basis and £83 million as at 31 March 2014. This reduction is primarily due to increases in the asset values of both schemes during the period together with deficit funding payments made by the Group.\n \nA reduced recovery plan period of 11 years has been agreed compared with 18 years at the previous valuation date. The payment profile will be £5.5m in respect of 2014, of which £4.7m was paid in January 2014, and between £7.0m and £7.75m from 2015 to 2025 inclusive. The next triennial valuation is due on 1 January 2015.\n \nRob Woodward, Chief Executive Officer, said: \"The pension scheme valuation agreement provides certainty to both the Group and the schemes' trustees and demonstrates the continued commitment of the Group to support the schemes.\"\n \nEnds\n \nEnquiries:- \n \nSTV Group plc\nEleanor Marshall, PR & Communications Manager\nTel: 0141 3003670 \n \nInstinctif Partners\nJamie Ramsay \nTel: 0207 4572020\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCLLFFRDSITIIS\n ","length":3183,"tagName":"div"}]