A Currys store on Oxford Street in London. Photo Peter Fleming via iStock
Currys is set to cut back and extend deficit repair contributions and launch a share buyback after the latest triennial pension review reported a substantially reduced shortfall.
In a trading update for 17 weeks ended 30 August 2025, published today (4 September), the retailer said it had completed the triennial valuation of its UK defined benefit fund – the DSG Retirement and Employee Security Scheme – revealing a fall in the plan's actuarial deficit from £403m as at 31 March 2022 to £134m as at 31 March 2025.
Currys said it was "committed" to returning excess cash to shareholders – adding that, following the conclusion of the triennial review, the board was "commencing a £50m share buyback immediately".
The group stated it would pay £82m of contributions this year as planned but reduce future contributions to £13m per annum over five years to March 2031, down from £78m a year until December 2028.
Currys said that, at the end of this period, the scheme should be fully funded on a very prudent basis and contributions should cease.
It added the group would pay additional shareholder matching contributions to the pension scheme if shareholder returns – defined as dividends plus share buybacks – were greater than £80m per annum or greater than £40m per annum if year-end net cash is less than £50m.
Currys said that, if any additional shareholder matching contributions were to arise, these contributions will reduce future amounts payable to the scheme under the new funding plan, starting at the outer year.
At the end of July, Currys published its annual reports and accounts – reporting its scheme had assets of £931m against liabilities of £1,033m on an IAS19 basis as at 3 May 2025.
The scheme has been closed to new members since September 2002 and closed for future accrual in April 2010.
