- CEPS has transferred the Dinkie Heel Defined Benefit Pension Scheme from Davies Odell Limited to CEPS plc.

It said this was an intra group transfer and there was no change in the overall liability of the CEPS Group.

It said that CEPS plc was the existing guarantor of the scheme.

CEPS said: "The scheme is currently undergoing a triennial valuation which will be completed after the transfer.

"The last formal actuarial valuation was at 1 July 2013 and showed that the total value of the scheme assets was £3,621,000 and that the level of funding on an ongoing basis was 88%.

"At 1 October 2014 the Group agreed a recovery plan of £4,550 per month, an amount intended to restore a 100% funding level over ten years."

In the company's report and accounts for the year ended 31 December 2016, the fair value of the scheme assets was £4.065m as compared to the present value of defined benefit obligations of £3.894m.

CEPS said the transfer would simplify management of the fund and was also likely to result in reduced administration fees.

At 8:02am:

[LON:CEPS] CEPS PLC share price was 0p at 47.5p

Story provided by