The Financial Supervisory Authority has given its permission to the Kesko Pension Fund to return the surplus assets accumulated in its department B, which managed the pension fund’s statutory pension insurance provision, to the Kesko Group companies. The surplus to be returned from the pension fund to the Group companies will generate a cash inflow of approximately €71 million. The refund will also contribute approximately €15 million to Kesko’s operating profit excluding non-recurring items for the fourth quarter.
The Kesko Pension Fund’s pension assets have exceeded the amount of Kesko Group companies’ pension liabilities, previously transferred to Ilmarinen Mutual Pension Insurance Company, and the surplus has been recognised as receivables in Kesko’s consolidated statement of financial position.
The transfer of the management of Kesko’s statutory pension insurance provision and insurance portfolio to Ilmarinen has been previously announced in a stock exchange release on 30 December 2009, 1 September 2010 and 15 February 2012.