QinetiQ Group plc QinetiQ completes pension scheme buy-in (6749V)
April 10 2019 - 2:00AM
UK Regulatory
TIDMQQ.
RNS Number : 6749V
QinetiQ Group plc
10 April 2019
QinetiQ completes pension scheme buy-in with Scottish Widows
10 April 2019
QinetiQ Group PLC (QinetiQ or the Group) today announces that
the QinetiQ Pension Scheme (the Scheme) has completed its first
bulk annuity insurance buy-in for approximately GBP690m. Scottish
Widows were selected for the buy-in following a competitive
process. The agreement covers approximately 33% of the Scheme's
liabilities.
The buy-in removes longevity, interest rate, and inflation risk
for a proportion of the Scheme and is in line with the Group's
strategy of de-risking the pension liabilities. As a result of the
transaction, the accounting pension surplus recorded on the Group's
balance sheet will reduce by an estimated GBP120m with no related
cash impact.
LCP acted as lead adviser on the transaction. Legal advice was
provided to the Scheme by Gowling WLG and to Scottish Widows by
CMS.
Huw Evans of BESTrustees, Chairman of the Scheme, commented:
"This buy-in improves the risk profile and investment efficiency
of the Scheme for all members and represents a significant step
towards securing the benefits promised. The Trustees are grateful
to their advisers and to the Company and its advisers all of whom
worked seamlessly together to ensure that the transaction followed
an effective and efficient process."
For further information please contact:
David Bishop, Group Director Investor Relations and Communications: +44 (0) 7920 108675
Ian Brown, Group Head of Investor Relations: +44 (0) 7908 251123
Jon Hay-Campbell, Group Head of Communications: +44 (0) 7500 856953
About QinetiQ:
QinetiQ (QQ.L) is a leading science and engineering company
operating primarily in the defence, security and critical
infrastructure markets. We work in partnership with our customers
to solve real world problems through innovative solutions
delivering operational and competitive advantage. Visit our website
www.QinetiQ.com. Follow us on LinkedIn and Twitter @QinetiQ. Visit
our blog www.QinetiQ-blogs.com.
About BESTrustees
BESTrustees is an unquoted Limited Company, founded in 1992 and
is owned by its employees. We are a leading independent provider of
professional trustee services and our client base is as varied as
the UK pensions market. We now have over 30 Trustee Executives
working with more than 150 clients with assets in excess of GBP100
billion.
Disclaimer
This document contains certain forward-looking statements
relating to the business, strategy, financial performance and
results of the Company and/or the industry in which it operates.
Actual results, levels of activity, performance, achievements and
events are most likely to vary materially from those implied by the
forward-looking statements. The forward-looking statements concern
future circumstances and results and other statements that are not
historical facts, sometimes identified by the words 'believes','
expects', 'predicts', 'intends', 'projects', 'plans', 'estimates',
'aims', 'foresees', 'anticipates', 'targets', 'goals', 'due',
'could', 'may', 'should', 'potential', 'likely' and similar
expressions, although these words are not the exclusive means of
doing so. These forward-looking statements include, without
limitation, statements regarding the Company's future financial
position, income growth, impairment charges, business strategy,
projected levels of growth in the relevant markets, projected
costs, estimates of capital expenditures, and plans and objectives
for future operations. Forward-looking statements contained in this
announcement regarding past trends or activities should not be
taken as a representation that such trends or activities will
continue in the future. Nothing in this document should be regarded
as a profit forecast.
The forward-looking statements, including assumptions, opinions
and views of the Company or cited from third party sources,
contained in this announcement are solely opinions and forecasts
which are uncertain and subject to risks. Although the Company
believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that these
expectations will prove to be correct. Actual results may differ
materially from those expressed or implied by these forward-looking
statements. A number of factors could cause actual events to differ
significantly and these are set out in the principal risks and
uncertainties section of this document.
Most of these factors are difficult to predict accurately and
are generally beyond the control of the Company. Any
forward-looking statements made by, or on behalf of, the Company
speak only as of the date they are made. Save as required by law,
the Company will not publicly release the results of any revisions
to any forward-looking statements in this document that may occur
due to any change in the Directors' expectations or to reflect
events or circumstances after the date of this document.
This information is provided by RNS, the news service of the
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END
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