COBHAM PENSION PLAN BENEFITS SECURED BY £530 MILLION DEAL WITH STANDARD LIFE
Cobham is delighted to announce today that Standard Life has completed a £530 million Bulk Purchase Annuity (“BPA”) transaction, which will secure the benefits of 3,000 members of the Cobham Pension Plan (“the Plan”).
The Standard Life arrangement was concluded in August and, combined with a similar BPA in 2013, will provide long-term security to all 5,100 members of the pension plan in their retirement. It is the latest in a series of steps taken by Cobham, and our owners Advent International, to de-risk the pension scheme.
Sven Lewis, Chief Financial Officer of Cobham Ltd, said: “This announcement is very good news and ensures that the benefits of all the members of the Plan have now been secured. Since Advent’s acquisition of Cobham nearly three years ago, we have had a clear plan to de-risk our pension scheme, which has included over £150 million of increased cash investment from Advent into the Plan. The deal with Standard Life completes that process and delivers long-term security for all our pension fund members.”