Published
20th October 2024
You may have seen the announcement from De La Rue, who sponsor the Pension Scheme, that they have entered into an agreement for the sale of the Group’s Authentication Division to Crane NXT, with the sale due to complete in 2025.
Not all of the press reports set out the full detail on the pension arrangements relating to the transaction and we wanted to provide reassurance to you that the Trustee has been working with the Company on the proposal for some months and has involved the Pensions Regulator in the process.
The Trustee has had extensive advice from its advisers and we believe that the proposal and terms agreed with the Company represent the best chance of ensuring the on-going strength of the Scheme and the best route to achieving the full funding required for the Scheme.
On behalf of the members and to safeguard your future benefits the Trustee has negotiated the Pension Scheme will receive:
The above contributions will significantly reduce the current deficit in the Scheme and enable the Trustee to continue to explore a long-term funding solution to secure Scheme benefits.
We have also agreed other protections that ensure the Trustee remains a secured creditor of the Currency business, prevent the business from paying out any dividends and give the Scheme rights to the proceeds of any future business sale from Currency. These protections remain in place until the Scheme is well enough funded to proceed with a whole Scheme de-risking transaction.
We will continue to work with the Company to ensure the best outcome for the Scheme and its members and want to provide reassurance the Trustee continues to manage the Scheme to ensure all members’ benefits are paid when they fall due.
If you have any questions regarding your pension benefit please contact the administrators Hymans Robertson LLP.
Address: Hymans Robertson LLP, 20 Waterloo Street, Glasgow, G2 6DB
Phone: 0141 566 7642
E-mail: [email protected]
