The 600 Group plc, the diversified industrial engineering company, recently oversaw the buy-out of its UK pension scheme liabilities and the subsequent scheme wind-up.
Following the completion of the transaction, all surplus funds (totalling £6.3 million gross and £4.1 million net of tax) have now been returned to the group.
On 17 July 2018, the group (
www.600group.com) announced that the Trustee of its UK defined-benefits scheme had agreed to a buy-out of the scheme’s £201 million liabilities by Pension Insurance Corporation plc, a specialist insurer.
The buy-out was undertaken to better secure benefits paid to the scheme’s 2,000 pensioners and 800 deferred members, while simultaneously relieving the company of the disproportionate liability of such a large scheme.
Paul Dupee, executive chairman, said: “The completion of the pension buy-out significantly de-risks the group’s balance sheet, providing greatly improved financial flexibility as we continue our strategy for growth and build a global ‘industrials’ business.”