NCR. Corp. announced it has agreed to shift its $1 billion U.K. pension plan, which covers 5,400 current and former employees, to a British insurance company.
Under the agreement, which NCR said is part of its pension transformation strategy, the Pension Insurance Corp. will assume the obligations for paying benefits to all participants. In exchange, NCR, of Duluth, Ga., will pay a premium to the insurer.
“The agreement … is part of the third phase of NCR’s pension transformation strategy that aims to reduce our global liability and increase recurring free cash flow,” said John Boudreau, vice president and treasurer of NCR, in a statement. “We are pleased that the Plan will maintain a robust financial footing and expect to take additional steps to accomplish a full buyout.”
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.