April 17, 2018 / 12:31 PM / in 10 days

BRIEF-Royal Bank of Scotland Says Signs MoU With Pension Trustee On Ring-Fencing Alignment

April 17 (Reuters) - Royal Bank of Scotland Group PLC :

* MOU WITH PENSION TRUSTEE ON RING-FENCING ALIGNMENT

* ENTERED INTO A MEMORANDUM OF UNDERSTANDING WITH TRUSTEE OF MAIN SCHEME OF RBS GROUP PENSION FUND

* MOU ALSO PROVIDES CLARITY ON ADDITIONAL RELATED FUNDING CONTRIBUTIONS THAT WILL BE REQUIRED TO BE MADE BY RBS GROUP TO MAIN SCHEME

* MOU FACILITATES CHANGES TO MAIN SCHEME TO ALIGN EMPLOYING ENTITY STRUCTURE WITH REQUIREMENTS OF UK RING-FENCING LEGISLATION

* UNDER THE SCHEME, A PRE-TAX PAYMENT OF £2 BILLION THAT WILL BE MADE IN SECOND HALF OF 2018

* UNDER THE SCHEME AS AT DEC 2017, PROFORMA CET1 IMPACT OF PRE-TAX £2 BILLION CONTRIBUTION IS -80 BASIS POINTS AFTER-TAX

* UNDER SCHEME FROM JAN 1, 2020, FURTHER PRE-TAX CONTRIBUTIONS OF UP TO £1.5 BILLION IN AGGREGATE LINKED TO MAKING OF FUTURE DISTRIBUTIONS TO RBS SHAREHOLDERS Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below