WH Smith Group has received a £75m cash refund on its pension surplus, following the buyout and wind up of the group's defined benefit (DB) pension scheme, WHSmith Pension Trust.

The trustees of the WH Smith Pension Trust previously completed a £1bn full scheme buy-in with Standard Life in 2022, insuring the liabilities of all 12,950 members.

The trustee then completed all the necessary steps to move to buyout during the year ending 31 August 2024.

As a result, the scheme has since moved to buyout, with administration transferred to Standard Life, and commenced formal winding up of the scheme.

Following this, the group's latest interim results confirmed that the remaining surplus in the scheme was transferred to the group, comprising cash of £75m and investments of £10m (down from £12m in the group's November 2024 interim report).

This £10m in investments related to an investment in Permira Credit Solutions III Fund, which is held at amortised cost, and is anticipated to convert to cash over the next two years.

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