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Name | Symbol | Market | Type |
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Co-op Bk Hld 29 | LSE:93RD | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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TIDM93RD TIDMTTM
RNS Number : 5161J
Co-Operative Bank Finance PLC (The)
13 December 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
The Co-operative Bank p.l.c.
13 December 2022
Completion of "buy-in" transaction with respect to Bank Section of Pace
The Co-operative Bank p.l.c. ("Bank") provides an update on the full "buy-in" transaction of the segregated section of the Co-operative Pension Scheme ("Pace") sponsored by the Bank ("Bank Section"). For further information, refer to the Bank's announcement of 12 December 2022 - update on the status of the Bank's pension obligations.
Pension scheme de-risking
The trustee ("Trustee") of Pace has now successfully completed a full "buy-in" transaction of the Bank Section, through which Pace has purchased a bulk annuity insurance policy, covering all liabilities required to meet future defined benefit pensions for the Bank Section and delivering greater security to its members.
The insurance policy has been purchased using existing assets held within the Bank Section, without the need for the Bank to make any additional contributions, and it is now expected that GBP52.5m of funding commitments, anticipated within current guidance to be fulfilled in 2024, will no longer be required.
Media enquiries
Dan Chadwick, Head of External Communications: +44 (0) 7724 701 319
Nicki Parry, Head of Media Relations: +44 (0) 7734 002 983
Sam Cartwright, Maitland/AMO: +44 (0) 7827 254 561
Investor Enquiries
investorrelations@co-operativebank.co.uk
Gary McDermott, Treasurer and Head of Investor Relations: +44 (0) 7811 599495
UK MAR: This announcement contains information which qualified or may have qualified as inside information for the purposes of Article 7 of EU Regulation 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.
The person responsible for arranging the release of this announcement on behalf of the Bank and The Co-operative Bank Finance p.l.c. is Catherine Green, Company Secretary.
Important notices
This announcement is not intended to, and does not, constitute or form part of any offer, invitation, inducement or
solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities
or the solicitation of any vote or approval in any jurisdiction, whether pursuant to this announcement or otherwise.
The Co-operative Bank p.l.c. LEI: 213800TLZ6PCLYPSR448
The Co-operative Bank Finance p.l.c. LEI: 213800KNE8ER4N9BLF11
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END
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(END) Dow Jones Newswires
December 13, 2022 03:41 ET (08:41 GMT)
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