Business
Closure of final salary pension schemes
Christie Group plc has reached an agreement with its remaining active pension scheme members and trustees to cease active membership in its two defined benefit pension schemes, effective April 6, 2026, with members transferring to defined contribution arrangements. Both schemes, The Venners plc Retirement Benefits Scheme and The Christie Group Pension and Assurance Scheme, are expected to remain fully funded with a significant surplus, and the company plans to secure a full buy-in and subsequent buy-out to remove these liabilities from its balance sheet, aligning with its strategy for a stronger, liability-light balance sheet to support growth. Disclaimer*
About this update from Christie Group Plc
2 April 2026 Christie Group plc ("Christie Group" or the "Company") Closure of final salary pension schemes The Board of Christie Group plc (CTG.L) is pleased to advise that, following an extended and constructive consultation period with the remaining active members of its two defined benefit pension schemes, it has now reached agreement with all those members and the scheme trustees to cease active membership of both schemes, which will be effective from 6th April 2026. All affected members will now transfer to their respective employer's defined contribution pension arrangements. The Group operates two schemes: The Venners plc Retirement Benefits Scheme and The Christie Group Pension and Assurance Scheme. Both schemes were closed to new entrants in 1999 and 2000 respectively, but since then have continued to accrue benefits for a declining number of active members. Both schemes are expected to remain in a fully funded position, with a significant funding surplus when valued in accordance with the requirements of IAS 19. The assets of both schemes are invested to provide a hedge against any material fluctuations in the valuation of scheme liabilities, with the expectation that neither scheme is therefore at risk of moving into deficit. The Group will now work collaboratively with the trustees with the shared objective of securing a full buy-in of both schemes, as a prelude to then achieving a full buy-out which would remove all scheme assets and liabilities from the Group's balance sheet. Dan Prickett, Christie Group Chief Executive Officer commented: "This is another significant step forwards as part of our strategy to build a stronger, liability-light balance sheet, better equipped to support our strategic growth ambitions in the coming years. We are delighted to have concluded a positive and constructive consultation process with the small number of remaining active members. We will now work with the trustees to achieve a full buy out of the schemes, with the intention that in doing so we can even more robustly secure the pension benefits of all deferred and pensioner members across both schemes. I would like to thank the trustees and the members concerned for their positive engagement and constructive dialogue throughout the consultation process." Enquiries: Christie Group p...
View stock analysis, news, and events for Christie Group Plc