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NCR reaches pension agreement with UK trustees

November 19, 2013

NCR Corp. has entered into an agreement with the trustees of the NCR Pension Plan in the U.K. regarding entry into a pension insurance buyout transaction for the U.K. pension plan. The agreement is part of NCR’s on-going pension transformation strategy to reduce its global liability and increase recurring free cash flow.

The agreement has been entered in conjunction with a separate agreement between the U.K. pension plan trustees and Pension Insurance Corp. The transaction aims to secure more than $1 billion in benefits through insurance contracts provided by PIC to the approximately 5,400 members of the U.K. pension plan who are former or current employees of certain subsidiaries of NCR in the U.K. 

The agreement between NCR and the trustees is part of the third phase of NCR’s pension transformation strategy, and will provide certainty on the closure of NCR’s largest international pension plan.

The pact is also designed to ensure that the U.K. pension plan maintains a robust financial footing, securing benefits for members, NCR said in an announcement of the agreement. The company said it expects to take additional steps to accomplish the full buy-out of the U.K. pension plan in an efficient and expeditious manner.      

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