Outokumpu – Insurance contract for the liabilities of the British pension scheme

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Outokumpu Oyj
Exit on the stock market
20 December 2021 at 9:30 p.m. ET

Outokumpu – Insurance contract for the responsibilities of UK pension plan

Outokumpu operates a defined benefit pension plan for its employees in the UK. The plan administrator working closely with Outokumpu has now secured a £ 390million buyout deal with specialist pension insurer Rothesay. With this contract, Rothesay insures the liabilities of Outokumpu’s defined benefit pension plan for 426 retirees and 500 other deferred members in the UK to guarantee the payment of retirement benefits. The benefits of members of the pension scheme will not be modified.

This transaction allows Outokumpu to mitigate the risks associated with the pension plan involving, for example, investments, changes in interest rates as well as inflation and longevity, which could, if they materialize, lead to an increase in liabilities. of the plan.

The transaction is expected to reduce the Group’s equity by approximately 100 million euros on a non-cash basis due to a change in actuarial valuation. The final amount is always subject to the standard end-of-year pension valuation.

For more information:

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669

Media: Päivi Allenius, VP – Communication, tel. +358 40 753 7374

Outokumpu Group

Outokumpu is the world leader in stainless steel. The foundation of our business is our ability to adapt stainless steel to any shape and almost any purpose. Stainless steel is durable, long lasting and designed to last forever. Our customers use it to create the basic structures of civilization and its most famous monuments as well as products for households and various industries. Outokumpu employs some 9,500 professionals in more than 30 countries, headquartered in Helsinki, Finland and stocks listed on Nasdaq Helsinki. www.outokumpu.com

https://news.cision.com/outokumpu-oyj/r/outokumpu—insurance-contract-for-the-liabilities-of-the-uk-pension-scheme,c3475943

(c) Decision 2021. All rights reserved., source Press Releases – English


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