Outokumpu – Insurance contract for the liabilities of the British pension scheme
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 scheme for 426 retirees and 500 other deferred members in the UK to secure the payment of pension 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 transactionis estimated at reduce the Group’s equity by aboutEUR 100millionon a non-cash basis due to a change in actuarial valuation.The final amount is always subject to the standardretirement assessment at the end of the year.
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