Cookson Group PLC Cookson Group Pension Plan (9952H)
19 Julho 2012 - 3:00AM
UK Regulatory
TIDMCKSN
RNS Number : 9952H
Cookson Group PLC
19 July 2012
19 July 2012
COOKSON GROUP PENSION PLAN COMPLETES PENSIONER BUY-IN WITH
PENSION INSURANCE CORPORATION
Cookson Group plc ("Cookson" or "the Company"), a leading
materials science company, today announces that the Trustee of the
Cookson Group Pension Plan ("the UK Plan") has signed a pension
insurance buy-in agreement with Pension Insurance Corporation
("PIC"), a leading provider of pension insurance solutions to
defined benefit pension funds. The transaction covers the UK Plan's
pensioner liabilities, approximately 60% of the total liabilities,
with an insurance premium of circa GBP320 million met from existing
assets of the UK Plan.
De-risking the UK plan in this way, by removing the inflation,
longevity and interest rate risks for the insured liabilities, will
significantly reduce the level of volatility to which Cookson is
exposed in future pension funding costs through its sponsorship of
the UK Plan.
Mike Butterworth, Group Finance Director of Cookson Group plc,
said:
"Following the successful conclusion of an enhanced transfer
value offer earlier this year, which reduced significantly the UK
Plan's deferred member liabilities, this buy-in represents a
further demonstration of the Company's intention to work with the
Trustee to de-risk the UK Plan in a managed way. The buy-in, which
covers some 60% of the UK Plan's total liabilities, will help
reduce the level of volatility in future funding costs to which the
Company is exposed as the sponsor of the UK Plan."
Allan Course, Chairman of the Trustee, said:
"The Trustee has completed a pensioner buy-in following
consultation with Cookson Group plc and with advice from Aon
Hewitt. The buy-in means that the UK Plan is now fully protected
against interest rate, inflation and longevity risks in relation to
a significant proportion of its liabilities. This provides an
additional level of security for members. We are delighted with the
flexibility and responsiveness of the PIC team, as well as the
support provided by Aon Hewitt and our other advisers, in bringing
the transaction to a successful conclusion."
Jay Shah, co-Head of Business Origination, Pension Corporation,
said:
"We are very pleased to have been able to help Cookson achieve
their de-risking goals. Whilst pension scheme funding levels have
generally been impacted by poor equity markets and low interest
rates, the large number of pensioner buy-ins completed recently
have been driven by the increase in value of Gilts and bonds,
allowing those schemes whose liabilities are at least partly
matched with these assets to insure significant levels of risk.
This allows the company sponsors and their shareholders to lower
their exposure to future pension scheme funding volatility."
For further information please contact:
Cookson Group plc: Mike Butterworth
+44 (0)20 7822 0000
Pension Corporation: Jeremy Apfel
+44 (0)20 7105 2140
apfel@pensioncorporation.com
Media enquiries: John Olsen, MHP Communications
+44 (0)20 3128 8100
About Cookson Group plc:
Cookson Group plc is a leading materials science company
operating on a worldwide basis in supplying high performance,
value-adding consumable materials and chemicals used in various
industrial production processes.
The Engineered Ceramics (formerly Ceramics) division is the
world leader in the supply of advanced consumable refractory
products and systems to the global steel and foundry industries and
a leading supplier of speciality products to the glass and solar
industries.
The Performance Materials (formerly Electronics) division is a
world leading supplier of advanced surface chemistries and joining
technologies to the electronics, automotive and electroplating
industries.
The Precious Metals Processing (formerly Precious Metals)
division is a leading supplier of fabricated precious metals to the
jewellery industry in the UK, France and Spain, and also has
significant precious metals recycling operations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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