Pearson will make a £90 million contribution to its group pension plan following the sale of the Financial Times Group to Asian media organisation Nikkei Inc.
Pearson has also committed to funding its group pension plan to self-sufficiency in the near-term.
The agreement with Nikkei was announced on 23 July. The assets will be acquired for a gross consideration of £844 million, payable in cash.
The deal includes the divestment of the Financial Times newspaper, FT.com, How to Spend It, FT Labs, FTChinese, the Confidentials and Financial Publishing. It does not include Pearson’s 50% stake in the Economist, or the FT Group’s London offices in Southwark (pictured).
At the close of its half-year reporting period, Pearson’s surplus on its UK group pension plan stood at £160 million, down from £190 million at the end of 2014. Its worldwide surplus relating to pensions and other post-retirement benefits fell from £27 million at the end of 2014 to £23 million by 30 June 2015.
According to Pearson’s 2015 half year report, the group offers a variety of pension plans. Its UK group pension plan comprises the largest defined benefit (DB) section, while the majority of companies outside of the UK operate defined contribution (DC) plans.