13th Apr 2006 07:00
13 April 2006 UK PENSION SCHEME DISCUSSIONS Rolls-Royce Group plc today announced that it has commenced consultations withrepresentatives of members of its three UK pension funds (note 1) in order toaddress the Group's pension fund deficit, whilst offering secure, competitiveand affordable pension arrangements for the Group and all its members. Theseconsultations follow the agreement reached in 2003, to reduce the deficit ofthe main scheme (the Rolls-Royce Pension Fund) by ‚£567m, and subsequentdiscussions with the other two UK pension schemes.These three UK schemes had a reported deficit of ‚£1,285 million, at31 December 2005.The Group has proposed to make a lump sum contribution of ‚£500 million acrossthe three schemes and to increase the level of future Group contributions.These payments will depend primarily on the members of the schemes acceptingclosure of the final salary pension schemes to new members and a change ofinvestment strategy to achieve progressively a better match between assets andliabilities.Enquiries:Peter Barnes-WallisDirector of Financial CommunicationsRolls-Royce plc65 Buckingham GateLondonSW1E 6ATCaroline HarrisActing Director of Corporate CommunicationsRolls-Royce plc65 Buckingham GateLondonSW1E 6ATTel: 0207 222 9020www.rolls-royce.comNotes to the Editor: 1. The three UK schemes are the Rolls-Royce Pension Fund (RRPF), Rolls-Royce Group Pension Scheme (RRGPS) and the Vickers Group Pension Scheme (VGPS), with total membership as follows: * Active members 21,373 * Current pensioners 60,493 * Deferred members 37,188 * Total 119,054 2. The RRPF was closed to new members in 1999. 3. Rolls-Royce, the world-leading provider of power systems and services for use on land, at sea and in the air, operates in four global markets - civil aerospace, defence aerospace, marine and energy. It is investing in technology and capability that can be exploited in each of these sectors to create a competitive range of products. ENDROLLS-ROYCE GROUP PLCRelated Shares:
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