28th Sep 2026 11:26
FirstGroup PLC - Aberdeen, Scotland-based private sector provider of public transport - completes the buy-in of around GBP90 million of Group Section pension liabilities. The group says around GBP22 million held in escrow for the Group Section is used to complete the transaction, with GBP17.5 million returned to the group and GBP2.1 million applied towards the buy-in premium. The remaining about GBP2.7 million is being retained in escrow to cover legal and advisory costs and facilitate conversion to buy-out in the near term. FirstGroup retains around GBP44 million in escrow relating to the Bus Section, which will be reviewed as part of the 2030 triennial valuation.
Chief Financial Officer Ryan Mangold says: "Since 2020, we have settled about GBP1.7 [billion] of pension obligations, securing the pensions of former employees, substantially reducing pension risk and realising value for the group. Our remaining pension schemes are well funded, and our focus remains on managing them efficiently while maintaining a strong balance sheet to support our capital allocation priorities."
Current stock price: 181.80 pence per share, up 2.4%
12-month change: down 18%
By Niall Holden, Alliance News reporter
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