Business
Successful completion of pension scheme merger
Successful completion of pension scheme merger.
About this update from Taylor Wimpey Plc
[{"type":"text","content":"\n \nRNS Number : 4782P Taylor Wimpey PLC 02 October 2013 \n \n\n2 October 2013 \nTaylor Wimpey plc\nSuccessful completion of pension scheme merger\n \nTaylor Wimpey is pleased to announce that it has completed the merger of its legacy pension schemes, the George Wimpey Staff Pension Scheme (GWSPS) and the Taylor Woodrow Group Pension & Life Assurance Fund (TWGP&LAF), to create a single new scheme called the Taylor Wimpey Pension Scheme (TWPS). In connection with this merger, Taylor Wimpey has also implemented a pension funding partnership which is structured to deliver to the TWPS a 15 year income stream together with final conditional payments of up to £100 million. As a result of the implementation of the pension funding partnership, Taylor Wimpey's pension deficit on a funding basis will reduce. \nRyan Mangold, Group Finance Director, commented:\n \n\"We are very pleased to have received full support from the trustees of the GWSPS and the TWGP&LAF to complete the pension scheme merger and create a single pension scheme. This will benefit the existing members through a simplified management structure and will result in lower administration costs whilst providing a way of managing future deficit repair contributions. \n \nAt the same time we have also implemented a pension funding partnership principally backed by certain show home assets of Taylor Wimpey which will provide increased security for the members and greater flexibility for Taylor Wimpey.\" \n \nThe TWPS will manage assets of £1.8 billion and administration costs are expected to be reduced by appro...