His Master's Voice and staff pensions
Dear pension fund member,
EMI Group Pension Fund
As you are probably aware, EMI Group plc has been taken over by Maltby Limited, a company set up by the Terra Firma group. The takeover was completed on 17 August 2007 and EMI Group plc has subsequently been delisted from the London Stock Exchange.
Despite its best efforts over a period of months, both preceding and immediately following the takeover, the Trustee Board of the EMI Group Pension Fund has not been able to reach agreement with the new owner regarding the funding of, and security available to, the Fund from 1 April 2006 (31 March 2006 is the date of the last funding valuation). Accordingly the Trustee has referred the matter to The Pensions Regulator who will initiate proper process for resolution under UK legislation. This is the normal procedure when a sponsoring company and trustees of a pension fund cannot agree the valuation basis and the contributions required.
We shall keep you informed as to developments and, in the meantime, please be assured that the Company is continuing to contribute to the Fund on the basis agreed with the Trustee at the previous valuation. This letter is for information only and no action is required on your part.
EMI Group Pension Trustees Ltd
3 October 2007
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