Source - LSE Regulatory
RNS Number : 6544O
13 June 2022

13 June 2022


 ("CEPS" or the "Company")


Pension scheme and general trading update


Pension Scheme

Further to the announcement on 13 December 2021 when CEPS announced that the Trustees of the Company's defined benefit scheme (Dinkie Heel plc Retirement Benefits Scheme (the "Scheme")) had entered into a buy-in contract with Aviva, the Scheme is now being formally wound-up with effect from 1 June 2022.


It is expected that the Scheme will have money left over once the final balancing premium is paid to Aviva after the Scheme has completed a process to verify the amounts payable to members and dependants.  This process should be complete within the next 12 months.  The amount the Trustees expect to be left over is in the order of £700,000 (the "Surplus") although it may be more or less than that.  In accordance with the formal rules of the Scheme, it is the intention of the Trustees to pay the Surplus to CEPS, as the employer for the Scheme, after deducting the required amount of tax, currently expected to be 35%.  This would make the net amount receivable £455,000.


Historically, the actuarial surplus on the Scheme has not been recognised in the Company's accounts as the Company does not have an unconditional right to refunds of surpluses arising in the Scheme.  Consequently, the payment of the Surplus to CEPS will have a positive impact on the Company's balance sheet when it is received.


Trading Update

As the Company is holding its AGM at 11.30 today, it is useful to provide a trading update for the first four months of the financial year to 30 April 2022. The Board of CEPS is pleased that all segments are performing ahead of budgeted expectations at this point in the year.



This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).

The Directors of the Company accept responsibility for the content of this announcement.





Vivien Langford, Group Finance Director


+44 1225 483030


Cairn Financial Advisers LLP

James Caithie / Sandy Jamieson / Ludovico Lazzaretti


+44 20 7213 0880


Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements.  Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions.  These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities.  Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts


0p (0.00%)
delayed 15:57PM