LWB Low & Bonar Plc

 

TIDMLWB 
 
RNS Number : 7043J 
Low & Bonar PLC 
06 April 2010 
 

6 April 2010 
 
 
                                Low & Bonar PLC 
 
                              Pensions equalisation 
 
Low & Bonar PLC (the "Group"), the international performance materials group, 
and the trustee (the "Trustee") of the Low & Bonar Group Retirement Benefit 
Scheme (the "Scheme"), the occupational pension scheme established by the Group, 
instigated litigation against Mercer Limited (an adviser in respect of the 
Scheme) concerning the implementation of measures necessary to reflect the 
impact of the changes in normal retirement age for members of pension schemes 
following the "Barber decision" on 17 May 1990 by the European Court of Justice 
and the Scheme's consequent decision in 1991 to equalise retirement ages for men 
and women at 65 years. The Group and the Trustee believed that it was likely 
that additional funding would be required in respect of at least one of the 
Scheme's component sections as a result of suspected defects in the 
implementation of these measures and a provision of GBP5.8 million was held by 
the Group at 30 November 2009 for the purposes of its accounts to cover this and 
certain associated professional costs. 
 
On 1st April 2010,  the Court of Session in Scotland gave judgment that the 
Scheme was effectively equalised with normal retirement dates at 65 in 1991 and 
dismissed the action by the Group and the Trustee. The Company, together with 
its advisers, is considering the judgemnt and its response to it but it may lead 
to the reversal of some or all of the provision referred to in the previous 
paragraph. 
 
For further information please contact: 
 
 
Low & Bonar PLC                                                     +44 (0)20 
7535 3180 
Steve Good, Chief Executive 
Kevin Higginson, Finance Director 
Matthew Joy, Company Secretary 
 
Hogarth+44 (0)20 7357 9477 
Andrew Jaques / Rachel Hirst / Ian Payne 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCBRGDSUXGBGGU 
 

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