Guinness Peat says UK Pensions Regulator won’t decide on warning by Christmas

Monday 2nd December 2013

Guinness Peat Group, which has exited more than 50 investments to focus on UK threadmaker Coats, said the UK's Pensions Regulator won't meet a Dec. 31 target to decide on whether to issue a warning notice over its pension plans.

The regulator has found the Coats Pension Plan and Brunel Holdings Pension Scheme were insufficiently resourced and this could lead to a formal warning notice. The regulator had flagged a decision by year-end.

The UK Pensions Regulator "will not be in a position to conclude its investigation and decide on whether to issue a warning notice in relation to the Coats Pension Plan" and is now looking to conclude its investigation "as soon as practicable," the company said in a statement today.

GPG is still evaluating a return of capital to shareholders following the sale of its non-core investments although the amount to be returned depends on the regulator's review of GPG's obligations

The company said any warning notices for the Brunel Holdings Pension Scheme and the Staveley Industries Retirement Benefits Scheme are still expected by Dec. 31.

Shares in GPG last traded at 59 cents.

BusinessDesk.co.nz

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