Hargreaves Services (LON: HSP) has completed the buy-in of its two defined benefit pension schemes and it has cost less than expected when the process was announced. The deal has been done with Just Group.
There is an initial cash outflow of £7.7m, which covers the £3.7m pension shortfall and a £4m loan relating to illiquid property assets. The loan generates interest and will be repaid when the property is sold or in two years.
The maximum cost of the deal is likely to be around £6.6m, but it could be as low as £3.7m. The final cost will be depending in the level of obligations during ...
