Marks & Spencer Grp MKS Pension Funding Plan

  Marks & Spencer Grp (MKS) - Pension Funding Plan

RNS Number : 1915S
Marks & Spencer Group PLC
28 November 2012




   



28 November 2012



              Marks and Spencer Group plc Announces Funding Plan

                  for its UK Defined Benefit Pension scheme

                                      



Marks and  Spencer Group  plc  ("the Company")  today  announces that  it  has 
reached agreement with the Company's Pension  Scheme Trustees on the terms  of 
the triennial actuarial valuation as at 31 March 2012.



The valuation of  the Company's  UK defined benefit  pension scheme  ("Pension 
Scheme") at 31 March 2012 has resulted in a deficit of £290m. This  represents 
a substantial reduction in deficit from £1.3bn as at 31 March 2009.



The improvement  reflects the  additional contributions  made to  the  Pension 
Scheme following the 2009 valuation together with strong investment growth and
sound risk management. The valuation is based on the same methodology  adopted 
for the 2009 valuation  but incorporates the latest  asset values and  revised 
assumptions in relation to longevity.



The Company  and  the Trustees  have  agreed a  10  year funding  plan,  which 
includes annual cash contributions of £28m per annum from 2013/14 to  2016/17, 
a reduction  on  the previously  agreed  £60m  per annum  until  2017/18.  The 
remaining balance is expected to be met by investment returns on the  scheme's 
existing assets. These contributions are in addition to the payments under the
existing pension property partnership.







Statements made in this announcement that look forward in time or that express
management's beliefs, expectations or estimates regarding future occurrences
and prospects are "forward-looking statements" within the meaning of the
United States federal securities laws. These forward-looking statements
reflect Marks & Spencer's current expectations concerning future events and
actual results may differ materially from current expectations or historical
results. Any such forward-looking statements are subject to various risks and
uncertainties, including failure by Marks & Spencer to predict accurately
customer preferences; decline in the demand for products offered by Marks &
Spencer; competitive influences; changes in levels of store traffic or
consumer spending habits; effectiveness of Marks & Spencer's brand awareness
and marketing programmes; general economic conditions or a downturn in the
retail or financial services industries; acts of war or terrorism worldwide;
work stoppages, slowdowns or strikes; and changes in financial and equity
markets.





Contacts

Investor Relations:

Majda Rainer +44 (0)20 8718 1563

Richard Harris +44 (0)20 8718 9688



Corporate Press Office: +44 (0)20 8718 1919

Out of hours calls: +44 (0)20 8718 2000



                                    -Ends-

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCEANFPAEXAFEF -0- Nov/28/2012 09:11 GMT