Following my last update, I am pleased to report that discussions with Fnac regarding the commitments they made during the takeover of Darty and regarding the actuarial valuation at 31 March 2016 have now been successfully completed.
Fnac have met all of the commitments they made to us at the time of the takeover, including providing us with an improved guarantee. This adds the financial support of the wider Fnac group for Darty’s ongoing financial commitments to the Scheme for the next 20 years, with a limit of £60m. The impact of this improved guarantee on the result of the actuarial valuation and on the associated new recovery plan will be communicated to members in the Trustee’s 2017 Summary Funding Statement. I anticipate that you will receive a copy of this document by the end of November.
I will continue to keep you informed of any significant developments relating to the Scheme via this website and our regular annual communication with members.
Chairman of the Trustee Board
The Comet Pension Scheme (the Scheme) was closed to new joiners on 1 April 2004; Pensionable Service was ended on 30 September 2007; and closed to all forms of accrual on 3 February 2012.
The Scheme is often referred to as a 'final salary' or 'defined benefit' scheme. This means that your pension is based on the number of years that you were a contributing Scheme member, until 30 September 2007 at the latest (when the Scheme closed), and how much you were earning when you left the Service of Comet Group plc or Kesa Electricals plc, now Darty plc.
The Scheme also provides benefits for your dependants after you die.
The Administrators of the Comet Pension Scheme are called XPS Administration. If you have any questions about the scheme, you may contact their helpline number on 0118 313 0700.