The Lafarge Holcim merger and the 2015 Valuation

You may recall that, prior to the completion of the Lafarge Holcim merger in mid-July 2015, undertakings had been given by the Boards of both Lafarge and Holcim to have discussions with the Trustee Board following the merger with a view to agreeing long-term support for the Plan under the new ownership structure. The Trustee Board had also agreed an interim agreement with both companies, which provides continued security of benefits for members until a permanent agreement is put in place.

The Trustee Board are seeking agreement from LafargeHolcim to provide an appropriate level of support for the Plan.  The aim was for the new agreement to be completed within 12 months following completion of the merger. Although it has not proved possible to meet this timescale, constructive discussions are ongoing and both parties have agreed to an extension of the interim agreement to the end of September 2016.

Work on the 2015 actuarial valuation is well under way.  This also involves in-depth discussions with the Company about both the valuation and the recovery plan. These discussions are running in parallel with the above, with the same target completion date of end of September 2016. 

Updated - 13 July 2016