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Broadcaster eradicates £83m pension deficit in first quarter

first_imgITV’s 2017 annual report showed the improvement in its schemes’ funding position had been largely down to a major update of membership data. This had removed £145m from the net shortfall, alongside a further £80m employer contribution and £53m in investment gains.#*#*Show Fullscreen*#*# UK broadcaster ITV has eradicated the net pension deficit of its defined benefit (DB) schemes, marking an improvement of more than £300m (€340m) in just 15 months.In a first-quarter trading update on Thursday, ITV said it had reduced the net deficit to “nil” as of 31 March – down from £83m at the end of December last year. On 31 December 2016, the deficit stood at £328m.“The decrease reflects the deficit funding contributions and a slight increase in corporate bond yields,” ITV said.The deficit was calculated on an IAS 19 accounting basis, and the company emphasised that on an actuarial valuation, the shortfall on section A of the three-part defined benefit scheme was £489m at 1 January 2017. Source: ITV plc annual reportA new eight-year funding plan was agreed with the trustees for section A of £60m a year until December 2025, ITV said. The company committed to paying in £80m in total per year to the three schemes, including contributions to sections B and C.In the case of the latter two sections, ITV said it was “still in negotiation with the trustees in relation to 2017 funding valuations but [we continue] to pay the deficit funding contributions of £5.5m per annum which were agreed as part of the previous valuation discussions”.ITV closed its DB schemes to new members in 2006 and then to future accruals in 2017.As part of its annual report for 2017, the company said its balance sheet remained strong and the business continued to be highly cash generative.Earlier this year, the broadcaster squared off in court with the UK’s Pensions Regulator, which was pushing for ITV to fund a £90m deficit in the DB scheme of a former joint venture, Box Clever. Box Clever was launched by ITV (then known as Granada) in 2000 with fellow broadcaster Thorn, but declared bankruptcy in 2003.The case was heard in February at the Upper Tribunal and a judgement is expected later this year.last_img read more

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Neuer to Be Germany’s Number One Despite Long Lay-off

first_img“Manuel will go to the World Cup as our number one,” said Germany team manager Oliver Bierhoff.“If he makes the squad then Marc-Andre [ter Stegen] will be number two.“Manuel is already full on track. He does not need to get back on it.”Germany are in Group F with Mexico, Sweden and South Korea, and play their first match on Sunday, 17 June.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Manuel Neuer will be Germany’s first-choice goalkeeper if he makes Joachim Low’s World Cup squad, despite not having played since September.Bayern Munich’s Neuer, 32, missed almost the entire season after breaking his foot and undergoing surgery.Head coach Low picked four goalkeepers in his 27-man preliminary squad, which he will cut to a final 23 on Monday.last_img read more

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Red Wings extend coach Jeff Blashill’s contract for 2 more seasons

first_imgRed Wings management still has faith in Jeff Blashill even as the team’s playoff drought continues. Detroit on Tuesday made official a previously reported two-year contract extension for its coach, even as the team is set to miss the playoffs for the third time in his four years at the helm.  Blashill, a Detroit native, replaced Mike Babcock in June of 2015 amid high expectations. He was regarded as one of the game’s top young coaching minds after a successful three-year stint with the AHL’s Grand Rapids Griffins. The Red Wings made the playoffs in his first season, falling to the Lightning in the opening round, but missed out the last two years and are set to do so again as this season wraps up. The three-year playoff drought — after Detroit had made the playoffs 25 consecutive seasons — will be the franchise’s longest since it missed out five straight years from 1979-83. Detroit is 135-143-47 under Blashill entering Tuesday’s game against the Penguins. Related News Lightning reach rare milestone with win over Senators UPDATE: Detroit #RedWings EVP & GM Ken Holland today announced that Jeff Blashill has agreed to a two-year contract extension to remain head coach of the Red Wings.Details: https://t.co/LGHiEp9ftR pic.twitter.com/B68XBMwkkt— Detroit Red Wings (@DetroitRedWings) April 2, 2019″Jeff has done a tremendous job developing our young talent as we continue to rebuild our organization,” Red Wings executive vice president and general manager Ken Holland said in a release. “Our young players have made significant strides during his time as head coach and are playing important minutes in key situations.”As we continue to build towards the future, we have the utmost confidence that Jeff is the coach best suited to help our prospects become impactful NHL players. He has gained valuable experience as an NHL coach in each of his four years in Detroit and has instilled a work ethic in our current team that makes us hard to play against every night and competitive in every game, which is the identity we want our team to have as we move forward.”last_img read more