We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rolls-royce Holdings Plc | LSE:RR. | London | Ordinary Share | GB00B63H8491 | ORD SHS 20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.20 | -0.05% | 417.00 | 416.00 | 416.10 | 422.90 | 414.50 | 417.20 | 144,488,878 | 16:35:21 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Aircraft Engine,engine Parts | 16.49B | 2.41B | 0.2884 | 14.42 | 34.79B |
TIDMRR.
RNS Number : 2969B
Rolls-Royce Holdings plc
06 June 2019
6 June 2019
ROLLS-ROYCE INSURES BENEFITS TO PENSIONERS WITH TRANSFER OF LIABILITIES TO LEGAL & GENERAL
Rolls-Royce announces its UK pension trustee has completed a deal to transfer certain pension risk liabilities to Legal & General Assurance Society Limited ("Legal & General").
The deal covers the transfer of assets and liabilities relating to approximately 33,000 pensioners who are members of the Rolls-Royce UK Pension Fund out of a total of 76,000 members. The transaction will fully insure benefits payable from the fund and provide permanent security for pensioners, while reducing the Group's post-retirement obligations by around GBP4.1 billion. The residual obligations, which remain well funded, will be smaller with less risk for the Trustee and Rolls-Royce to manage in the future.
Pensioners included in the transfer will have their benefits handled by one of the largest and most highly-rated insurance companies in the world, with expertise in insuring and administering pensions.
Joel Griffin, Head of Global Pensions & Benefits, Rolls-Royce, said: "This agreement will result in increased security for Rolls-Royce pensioners and reduced risk for our business. Legal & General is one of the world's leading insurance companies and as a result of this deal the provision of benefits will be governed by stringent funding requirements, resulting in a secure pension environment for our pensioners."
Stephen Daintith, CFO, Rolls-Royce said: "This is a significant transaction which represents another step on our journey to simplify, de-risk and strengthen the company. Rolls-Royce and the Trustees of the Rolls-Royce UK Pension Fund have worked intensely to ensure that the fund continues to have the resources it requires to meet its obligations. This agreement is a further step towards ensuring benefits for our pensioners."
The deal will see Rolls-Royce make an exceptional cash contribution of around GBP30m. Free cash flow guidance for the Full Year remains unchanged. Alongside the transfer of around GBP4.1bn of liabilities to Legal & General, the Rolls-Royce trustee will also transfer around GBP4.6bn of assets. This results in a reduction in net assets of around GBP0.5bn though funding levels remain unchanged.
About Rolls-Royce Holdings plc
1. Rolls-Royce pioneers cutting-edge technologies that deliver clean, safe and competitive solutions to meet our planet's vital power needs.
2. Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces, 70 navies, and more than 5,000 power and nuclear customers.
3. Annual underlying revenue was GBP15 billion in 2018, around half of which came from the provision of aftermarket services.
4. In 2018, Rolls-Royce invested GBP1.4 billion on research and development. We also support a global network of 29 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.
5. The Group has a strong commitment to apprentice and graduate recruitment and to further developing employee skills.
For further information, please contact:
Jennifer Ramsey
Head of Investor Relations
Tel +44 (0) 7825 903206
jennifer.ramsey@rolls-royce.com
Richard Wray
Director of External Communications
Rolls-Royce plc
Tel: +44 (0) 20 7227 9163
richard.wray@rolls-royce.com
Teresa Towner
External Corporate Communications Manager
Rolls-Royce plc
Tel: +44 (0) 20 7227 9036
teresa.towner@rolls-royce.com
www.Rolls-Royce.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
MSCFAMRTMBIMBLL
(END) Dow Jones Newswires
June 06, 2019 02:00 ET (06:00 GMT)
1 Year Rolls-royce Chart |
1 Month Rolls-royce Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions