LONDON--(BUSINESS WIRE)--Nov. 19, 2013--
NCR
Corporation (NYSE: NCR) today announced that it has entered
into an agreement with the trustees of the NCR Pension Plan in the UK
regarding entry into a pension insurance buy-out transaction for the UK
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, and has been entered in conjunction with a
separate agreement between the UK pension plan trustees and Pension
Insurance Corporation (PIC). The transaction aims to secure over $1
billion of benefits, through insurance contracts provided by PIC, for
the approximately 5,400 members of the UK pension plan who are former or
current employees of certain subsidiaries of NCR Corporation in the UK.
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. It is also designed
to ensure that the UK pension plan maintains a robust financial footing,
securing benefits for members. NCR expects to take additional steps to
accomplish the full buy-out of the UK pension plan in an efficient and
expeditious manner.
About NCR Corporation
NCR Corporation (NYSE: NCR) is the global leader in consumer transaction
technologies, turning everyday interactions with businesses into
exceptional experiences. With its software, hardware, and portfolio of
services, NCR enables more than 450 million transactions daily across
the financial, retail, hospitality, travel, telecom and technology
industries. NCR solutions run the everyday transactions that make your
life easier.
NCR is headquartered in Duluth, Georgia with over 26,000 employees and
does business in 180 countries. NCR is a trademark of NCR Corporation in
the United States and other countries. NCR encourages investors to visit
its web site which is updated regularly with financial and other
important information about NCR.
For further information please visit:
Web site: www.ncr.com
Twitter: @NCR_UK,
@NCRCorporation
Facebook: www.facebook.com/ncrcorp
LinkedIn: www.linkedin.com/company/ncr-corporation
YouTube: www.youtube.com/user/ncrcorporation
Source: NCR Corporation
NCR
Andy Phillips, 0207 7258248
andy.phillips@ncr.com