Last checked at 4 Apr 2011 07:00
For immediate release 4 April 2011
Worthington Group PLC ("the Company")
Results of Triennial Review
The Company is pleased to confirm that the triennial review of the Jerome Group PLC pension fund ("the Scheme") was concluded on 31st March 2011, between the Company and the Pension Fund Trustees.
During the review the Trustees were able to achieve annual administrative savings of over £30,000. The review process also highlighted that as the Company's risk based levy had reduced, overpayments had been made by the Company to the Scheme exceeding £130,000 - this overpayment will now be refunded to the Company.
The Scheme actuary has indicated that the current deficit stands at £2.945 Million which is a considerable improvement on previous expectations. The Company have entered into a new agreement which will allow the Company to continue to pay £110,000 per annum via monthly payments to the Scheme, with an agreement to increase these payments by 3% per annum or the rate of CPI (whichever is the lower) with increases commencing in April 2012. The Company will continue to be responsible for the payment of all administration costs surrounding the Scheme, including the PPF levy, and will pay 20% of its net profit to the scheme to help further reduce the deficit.
Enquiries:
Anne Aylesbury, PD Cosec Limited, Company Secretary, Worthington Group plc on 0208 940 0963
Roland Cornish, Beaumont Cornish Limited on 020 7628 3396