Renold’s (RNO) ambitions to enhance growth prospects through investment received a much needed boost after the industrial chains and torque transmission manufacturer freed up cash by further de-risking its pension liabilities.
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Management's move to medically underwrite another £27m of the group’s UK legacy defined-benefit scheme means that about half of its “highest risk” UK pensioner liabilities are now fully de-risked. Meanwhile, a German court has confirmed that Renold's pension scheme there was closed to future accrual from 30 September 2013, saving the engineer about £1.5m in unfunded obligations.
