Press Release
STV Group plc announces agreement of pension valuation settlement
9th July 2014
STV 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.
The 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.
A 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.
Rob 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."
Ends
Enquiries:-
STV Group plc
Eleanor Marshall, PR & Communications Manager
Tel: 0141 3003670
Instinctif Partners
Jamie Ramsay
Tel: 0207 4572020
