PACE. The Group, Pace Trustees Limited and the Bank have agreed principles to sectionalise Pace into two legally separate Bank and Group sections within Pace, with c.21% of the assets and liabilities of Pace allocated to the Bank section, and with the removal of the Bank’s obligation to support the pension liabilities of the Group section. Agreement has been reached as to the recovery plan for the Bank section and the related deficit recovery contributions. It is proposed that this will be £100m over 10 years, with £12.5m per year from 2018 for the first five years and £7.5m per year for years six to ten thereafter. This recovery plan will be reviewed at each triennial valuation date in accordance with statutory funding obligations. The Bank will also provide initial collateral of
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Sources: Capital Raising Agreement, Capital Raising Agreement