Home Business News Tate & Lyle signs pension deal

Tate & Lyle signs pension deal

by LLB Editor
19th Sep 19 8:13 am

Tate & Lyle and the trustee of the its group pension scheme have announced an agreement for a £930 million bulk annuity insurance ‘buy-in’ with Legal & General.

Imran Nawaz, chief financial officer of Tate & Lyle, said: “This transaction represents a good outcome for our UK scheme members, the company and our shareholders.

“We have supported the Scheme over many decades and made significant cash contributions to remedy a deficit that has existed between the Scheme’s assets and liabilities.

“That funding, combined with excellent stewardship by the scheme’s trustees, has meant that the scheme can now be de-risked for the benefit of members and the company.

“Importantly, cash contributions into the scheme will cease, saving around £20m of cash annually from the 2021 financial year, allowing the company to focus our future investments on delivering profitable growth.”

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