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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bae Systems Plc | LSE:BA. | London | Ordinary Share | GB0002634946 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-6.00 | -0.44% | 1,347.50 | 1,347.50 | 1,348.00 | 1,356.50 | 1,346.00 | 1,355.00 | 967,342 | 11:32:41 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Aircraft | 23.23B | 1.86B | 0.6133 | 22.07 | 40.98B |
TIDMBA.
RNS Number : 9145X
BAE SYSTEMS PLC
30 November 2017
30(th) November 2017
BAE Systems plc Pension Funding Arrangements
BAE Systems completes revised UK pension funding arrangements
The information in this announcement includes inside information relating to BAE Systems plc
BAE Systems plc today announces that, after consultation with the UK Pensions Regulator, it has reached agreements with each of the Trustee Boards of its UK defined benefit pension schemes on the 2017 triennial funding valuations and deficit recovery plans.
At the 31 March 2017 funding valuation date, the aggregate of the deficits across the UK schemes was GBP2.1bn, broadly similar to the position at the last valuation in 2014.
The current annual deficit recovery payments of cGBP205m will increase by GBP15m to cGBP220m in 2018. Deficit contributions will further increase in line with any percentage growth in dividend payments made by the BAE Systems group (the "Group").
Under the new deficit recovery plans, these annual payments would subsequently fall by cGBP50m in 2022 and end in 2026.
The schemes' liabilities have been calculated using an asset led discount approach. Liabilities have also reduced due to both actual and forecast mortality rates since the last valuation.
The agreements reached are underpinned by contingency plans. These include a commitment by the Group to a further GBP50m of deficit funding into the largest scheme prior to the next triennial valuation in the event that the scheme funding level was to fall below pre-determined parameters.
The next triennial funding valuation and review of contingency plans is scheduled for 2020.
For completeness, the annual deficit contributions into the Group's US schemes are expected to remain at $80m through 2022.
For further information please contact: Investors Media Relations Rowan Pearman, Martin Cooper, Director, Media Relations Investor Relations Director Telephone: +44 (0)7721 Telephone: +44 (0)1252 383040 107716 Email: investors@baesystems.com Email: rowan.pearman@baesystems.com
Issued by
David Parkes - Company Secretary
BAE Systems plc
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 30, 2017 02:01 ET (07:01 GMT)
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