We are delighted to inform you of the new growth and development strategy for WRc and the changes this will bring to the company. During the recent triennial valuation and following negotiations, WRc plc and the trustees of our legacy final salary pension scheme have agreed a new funding strategy. This will both secure the benefits for the members of that scheme, which was closed to new members in 1999, and provide for the long-term future of the company. This agreement, which has the support of The Pension Regulator, involves a three-year pension deficit payment deferment programme, with the finances generated being deployed towards a three million pounds investment programme in our staff and facilities at Swindon. This will allow WRc to increase our investment in the delivery of world-class innovation services in the UK and beyond and grow our business.
As part of that agreement, there is a requirement to de-couple the pension deficit from the trade and assets of the company and therefore, from April 1, 2018, WRc will be trading as Water Research Centre Ltd, registration number 11172223, VAT number GB 527 1804 53. Water Research Centre Limited is a 100%-owned subsidiary of WRc plc. All staff and assets will be transferred to Water Research Centre Ltd and we look forward to continuing to deliver world-class services.
This internal structural change will have no detrimental impact on the service you currently receive from WRc but will allow us to continue to develop new and innovative solutions in an ever-changing world.
WRc has over 90 years’ experience of working within the international water and environment sectors, initially within the public sector and, since 1989, within the private sector. Our staff are, of course, our most valuable business asset. Following privatisation, they also became our majority shareholder and that is still the case today. We are proud of our record as an independent provider of world-class services wholly based on robust scientific and engineering principles and the support we provide to regulators, utilities and the supply chain across all the sectors we are active in.
We look forward to continuing to work with you in the future.