The board of Chelverton Equity Partners (CEPS) has announced it has transferred the Dinkie Heel Defined Benefit Pension Scheme from Davies Odell Limited to CEPS plc, with effect from 28 July 2017.

The board said that as it is an intra-group transfer there is no change to the overall liability of the Group; CEPS plc is the existing guarantor of the scheme.

The scheme is currently undergoing a triennial valuation which will be completed after the transfer. The last formal actuarial valuation was at 1 July 2013 and showed that the total value of the scheme assets was £3,621,000 and that the level of funding on an ongoing basis was 88 per cent.

At 1 October 2014 the Group agreed a recovery plan of £4,550 per month, an amount intended to restore a 100 per cent funding level over ten years. In the Company's Report and Accounts for the year ended 31 December 2016, the fair value of the scheme assets was £4.065m as compared to the present value of defined benefit obligations of £3.894m.

CEPS plc said the transfer will simplify management of the fund and is also likely to result in reduced administration fees.

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