Wincanton to pay £200m into pension fund

Wincanton is to pay some £200 million into the Wincanton Pension Scheme between now and 2027 under a recovery plan agreed with the trustee of the scheme.

It said the scheme currently has an actuarial deficit of £190m.

Under the plan, Wincanton will pay £17.3m a year into the scheme until March 2021. After that the payments will go up to £24.3m a year until March 2017.

In addition, it is making a one off lump sum payment of £15m this month (August 2018) funded by the sale of an “under-use property in Corby.

Wincanton said the deal did not change expectations for the group’s underlying operating profit for the current year, or its net debt at 31st March 2019.