Funding of the ITV Pension Scheme has continued to improve, with its latest trading update showing a surplus of £216m.
ITV's Q1 update for the three months to 31 March 2024 – published today (9 May) – revealed the net pension surplus of its defined benefit schemes at the end of March sat at £216m, up from £209m in December 2023.
The results also show the scheme's triennial valuation as at December 2022 is complete, showing vast improvement in funding levels. At the valuation date, the scheme had a surplus of £83m, which compares to a deficit of £252m at the previous valuation date of December 2019.
The group's pension deficit contributions for the year to 31 December 2023 were £40m, and for the year prior were £137m. ITV said since the scheme is now in surplus, "we expect no future deficit contributions". It said this "removes a significant drag on free cash".
ITV also said the scheme is "well hedged against inflation, interest rate volatility and longevity".
