MUMS saves £68m – Hogg Robinson announces £68.4m saving in financial accounts

Hogg Robinson announces a £68.4 million saving, due to the MUMS exercise with MorganAsh.

“We took proactive measures in the year to improve the estimate of the group’s pension liabilities. 

“During the second half, in collaboration with the trustees of the UK scheme, we commissioned a medically underwritten mortality study (MUMS) to improve the quality of demographic assumptions relating to the UK scheme’s members.” 

“This valuable exercise contributed to a £68.4m benefit to the year-end accounting deficit, which largely offset a £97.0m increase in the UK scheme liabilities as a result of a reduced discount rate. As a result of this, as well as an increase in the value of plan assets, the overall group pension deficit increased by £6.9m.” – Michele Maher, chief financial officer, Hogg Robinson Group plc