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


The World Cup’s Finest with Redzonesports’ Anthony Gray

first_img FDJ’s ParionsSport launches sponsorship programme for French amateur football August 24, 2020 In The World Cup’s Finest we ask various individuals to delve into their own personal history of football’s quadrennial showpiece extravaganza, selecting a number of favourites as well as revealing what is their very first World Cup memory.Today Anthony Gray, Head of Football at Redzonesports.bet, tells us about priding his own abilities on Walter Zenga and a duo of Brazilian highlights, as well as recalling when a young Michael Owen unveiled his talents on the world stage.Favourite World Cup:PlayerWalter Zenga. By the time of the 1990 World Cup I fancied myself as a goalkeeper (incredibly I still do) and Walter Zenga was unbeaten in Italy’s first five games of the tournament. It was an enormous anti-climax when Zenga conceded in the semi-final, I was starting to consider him unbeatable.GoalMichael Owen (England v Argentina, 1998). I was working in a pet food factory in Wigan during the game and heard the goal on the radio rather than saw it, but Micheal Owen’s goal v Argentina immediately came to mind when I saw this question. It was exciting because England had taken the lead against a formidable opposition and looked well set to go deep into the tournament with a talented team, it’s also a simply fantastic goal.GameFrance v Brazil, 1986 (quarter-final). This game was so good that it was shown re-live on TV (in the days of 4 terrestrial channels) the following Christmas. This game was generally considered the game of the tournament plus it gave me one of my first experiences of a penalty shoot-out.TeamEngland, 1990. In 1990 England went to extra-time three times which was important to a school-kid with the threat of bedtime after football hanging over him. At that point I was free from doubt, regret and opinion as an England fan, so was able to enjoy the performances of the players that I assumed were the best men for the job.KitBulgaria, 1994. It lent itself nicely to the Adidas template of the time, which I was a big fan of. The same company were responsible for my favourite goalkeeping kit, the 1990 Black and Pink squared top, worn by Rene Higuita amongst others._________________________________________________________________First World Cup memory1 June 1986 (Brazil v Spain). The first game I remember watching in the World Cup was Brazil 1 Spain 0 early in the 1986 tournament, with Socrates scoring the only goal. From memory it was a controversial winner, I’d have been eager for Brazil to live up to their reputation, so wouldn’t have cared one bit.The World Cup’s Finest is to be a regular feature during the Russia World Cup, profiling a different individual each week day. Submit Share Related Articles StumbleUpon Share Vbet sponsors AS Monaco as Ligue 1 kicks off new season August 24, 2020 Winamax maintains Granada CF sponsorship despite bleak Spanish outlook August 19, 2020last_img read more