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De La Rue PLC - Basingstoke, England-based security printed products maker - Actuarial valuation of pension scheme as at April 5, 2021, which was brought forward from December 31, 2022, shows a scheme deficit of £119.5 million, narrower than the £177 million that had been assumed under the schedule of deficit repair contributions that had been agreed with pension trustees in May 2020. As a result, the deficit can be funded through deficit repair contributions remaining flat at £15 million per year from April this year to March 2029, rather than stepping up to £24.5 million per year. This will result in a £57 million reduction in total payments by De La Rue into the pension scheme.
‘I am delighted that we have reached agreement with the trustee that continues to honour the commitments we made back in 2020 to pay off the scheme deficit by 2029,’ says Chief Executive Officer Clive Vacher. ‘At the same time, a £57 million reduction in cash contributions to the scheme will clearly benefit the group's projected future cash generation.’
Current stock price: 110.40 pence, up 0.4% on Thursday
12-month change: down 37%
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