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23 Nov 2018 10:00
Capita plc - Agreement to reduce pension scheme deficitCapita plc - Agreement to reduce pension scheme deficit
PR Newswire
London, November 23
Agreement to reduce pension scheme deficit
Capita plc (‘Capita’ or the ’company‘) announces that it has agreed a deficit recovery plan with the Trustees of the Capita Pension and Life Assurance Scheme (‘Scheme’).
This deficit recovery plan is in line with the commitment made by the company in January 2018 to reduce the pension deficit over the medium term as a priority. The actuarial deficit at 31 March 2017, the date of the last triennial valuation, was £185m, before any effect from the recent High Court ruling on Guaranteed Minimum Pension equalisation, which is not expected to have a material impact.
The agreed deficit recovery plan, with payments totalling £176m, aligns with Capita’s transformation programme, reflects the higher than expected proceeds the company received in 2018 from its disposal programme and incorporates steps to continue to lower the level of investment risk in the Scheme, benefiting the Scheme and Capita.
The expected pension deficit recovery plan payment schedule is:
| 2018 | 2019 | 2020 | 2021 | Total |
| £42m | £71m | £59m | £4m | £176m |
Jon Lewis, Chief Executive Officer, Capita said: “This agreement is an important milestone in Capita’s transformation and a further reflection of the importance we place on good corporate responsibility. I made a commitment to our stakeholders to address our pension deficit shortly after I joined Capita and I am pleased that our financial strength and successful disposal programme have allowed us to deliver on this.”
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For further information:
Capita plc: Investor enquiries
Andrew Ripper, Head of Investor RelationsFiona O’Nolan, Investor Relations DirectorTel: 020 7654 0220 or 020 7654 2281IRTeam@capita.co.uk
Media enquiries:
Capita Press Office 020 7654 2399media@capita.co.uk
Powerscourt Tel: 020 7250 1446capita@powerscourt-group.comVictoria Palmer-Moore, Mazar Masud
Capita is a leading provider of technology enabled business services, operating across five key markets: Software; People Solutions; Customer Management; IT Services and Government Services. Working across the UK, Europe, India and South Africa, we use our expertise, talent and technology to partner with our clients to transform services and add value for all their stakeholders. Capita is quoted on the London Stock Exchange (CPI.L). Further information on Capita can be found at: http://www.capita.com
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