07 July 2015
Howden Joinery Group plc ('the Group') is pleased to announce that it has reached agreement with the Trustees of its defined benefit pension scheme in relation to the schedule of payments towards the funding of the scheme's deficit. As a result, the Group will continue to make deficit contributions equivalent to £35m per annum over the 27-month period from 5 April 2015 until 30 June 2017.
The agreement will result in an expected cash contribution to the pension deficit in the current financial year (ending 26 December 2015) of £45m. This includes a one-off £10m payment in respect of the previous agreement with the trustees, reached in 2012 (see Interim Management Statement, 6 November 2014).
These payments, along with that made in the pension year ending 5 April 2015, will fund the deficit calculated as at the actuarial valuation date as at 5 April 2014.
The extent to which any further contributions are required beyond 30 June 2017 will be assessed as part of the next formal actuarial valuation of the scheme.
This agreement, which is subject to The Pensions Regulator not objecting to the terms of the agreement, follows the triennial actuarial valuation of the scheme.
|Head of Investor Relations||+44 (0)207 535 1127|
|+44 (0)7989 397527|
|Maitland||+44 (0)207 379 5151|