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30 June 2026
Macfarlane Group PLC
("Macfarlane Group" or the "Group")
Defined benefit pension scheme de-risked with buy-in
Macfarlane Group PLC (LSE: MACF), the protective packaging specialist, is pleased to announce the de-risking of the Macfarlane Group PLC Pension & Life Assurance Scheme (1974) (the "Scheme") through the Scheme's purchase of a £53 million bulk annuity policy ("buy-in") from Royal London.
As a result of the buy-in, with the exception of any post buy-in adjustments referred to below, all the financial and demographic risks relating to the Scheme's liabilities will be fully insured, with the policy paying a regular stream of income that matches the Scheme's pension obligations to all members.
Subject to post buy-in data reconciliations and adjustments, the Group and the Scheme Trustees will have the option to proceed to a full buy-out and winding-up of the Scheme expected within two years, at which point it will be removed from the Group's balance sheet.
The Scheme is currently in surplus, and the Group is not required to make any cash contributions. If a surplus remains at buy-out following post buy-in adjustments, any excess funds will be returned to the Group, subject to deduction of tax. If there is a deficit at buy-out the Group will be required to provide a matching cash contribution. It is anticipated that any surplus or deficit at buy-out will be no more than £1 million.
The Group has no other defined benefit schemes.
Aleen Gulvanessian, Chair of Macfarlane Group, commented:
"This positive outcome will de-risk the Scheme and is in the interests of both members and the Group. This development has been achieved through constructive engagement between the Group and the Scheme Trustees over many years."
Angela Campbell, Chair of the Scheme Trustees, commented:
"We are pleased the Trustees, with the support of the Group, have been able to execute the buy-in transaction which meets our objective of securing the pensions of all members of the Scheme. The buy-in does not change benefits in the Scheme and pension payments will continue to be paid each month in the usual way."
Further enquiries: | Macfarlane Group | Tel: 0141 333 9666 |
Aleen Gulvanessian Chair | ||
Peter Atkinson Chief Executive | ||
Ivor Gray Finance Director | ||
| Spreng Thomson | |
Callum Spreng | Mob: 07803 970103 |
Legal Entity Identifier (LEI): 213800LVRYDERSJAAZ73
Notes to Editors:
· Macfarlane Group PLC has been listed on the Main Market of the London Stock Exchange (LSE: MACF) since 1973 with over 75 years' experience in the UK packaging industry.
· Through its two divisions, Macfarlane Group services a broad range of business customers, supplying them with high quality protective packaging products which help customers reduce supply chain costs, improve operational efficiencies and sustainability and enhance their brand presentation. The divisions are:
o Packaging Distribution - Macfarlane Packaging Distribution is the leading UK distributor of a comprehensive range of protective packaging products; and
o Manufacturing Operations - Macfarlane Design and Manufacture is a UK market leader in the design and production of protective packaging for high value and fragile products.
· Headquartered in Glasgow, Scotland, Macfarlane Group employs over 1,200 people at 42 sites, principally in the UK, as well as in Ireland, Germany and the Netherlands.
· Macfarlane Group supplies more than 20,000 customers, principally in the UK and Europe.
· In partnership with over 2,000 suppliers, Macfarlane Group distributes and manufactures to a wide range of sectors, including: logistics; electronics; defence; medical; automotive; aerospace; retail e-commerce; and food.
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