Kin + Carta agrees pension deal
Tuesday, September 22, 2020
Kin + Carta has reached agreement with the trustees of the St Ives Pension Scheme on a revised payment schedule.
In a trading update the £173m turnover ‘digital transformation’ group said that sales and profits for the financial year ended 31 July were expected to be slightly ahead of expectations.
The new deficit recovery plan for the legacy pension scheme began this month.
Contributions will reduce from £3m to £1m per annum, plus 15% of Kin + Carta’s free cash flow that is in excess of £1m.
Kin + Carta said the new arrangement “aligns the cash contributions with the company's cash generation”.
At 31 July the scheme had an accounting surplus of £1.1m, the group said.
Last month Kin + Carta also sold its Pragma consultancy, which St Ives acquired in 2011 in a £6m deal, to Handley House.
Pragma specialises in airport and retail consultancy services. Kin + Carta described the business as “non-core” and said the disposal was part of the “final steps” in reshaping the group.