Company: LBTYK
Filing Date: 2025-03-25
Form Type: 10-K/A
Source: 0001570585-25-000097
Chunk: 61

Company: Liberty Global Ltd.
Filing Date: 2025-03-25
Form: 10-K/A
Chunk 61
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2024, 2023 and 2022
Defined Contribution Plans:

• The Telefónica UK Pension Scheme;

• The Virgin Media Pension Plan; and

• The defined contribution section of the Telefónica UK Pension Plan.

#### Defined Benefit Plans
All of the defined benefit plans are closed to new entrants and further benefit accrual. The Telefónica UK Pension Scheme and the Virgin Media Pension Plan remain open to new entrants and further contributions and the employer contributions are recognised as part of our staffing costs.

A valuation of our defined benefit plans was undertaken as of 31 December 2024 by suitably qualified independent actuaries. The majority of our defined benefit plan assets are invested in bulk annuity insurance policies that fully match all of the liabilities of these pension plans. Residual plan assets are invested in predominantly in cash or cash equivalents.

#### Current Events

## Section 37 Court Ruling.

## In June 2023, the High Court made a ruling in the case Virgin Media Ltd v NTL Pension Trustees II Limited (and the ruling related to Section 37 of the 1993 Pensions Act and the correct interpretation of historic legislation governing the amendment of contracted-out DB schemes). In 2024, the Court of Appeal dismissed the appeal in the case made by the Company. NTL Pension Trustees II Limited have implemented amendments to the benefits of the NTL to reflect the ruling. The Trustees of the NTL 99 completed a similar detailed legal review of Scheme documentation and concluded there is no Section 37 issue. The Trustees of the Telefónica UK Pension Plan have yet to complete a detailed review of their Scheme documentation. The value of benefit increases in the NTL as a result of the rulings has been considered and accounted for within the pension scheme valuation for the current year.
Pension Buy-ins. On 25 November 2024, the Trustees of the Telefónica UK Pension Plan purchased a bulk purchase annuity policy with Pension Insurance Corporation ( PIC ) covering all liabilities of the defined benefit section of the Plan. On 26 November 2024, the Trustees of the NTL purchased a bulk purchase annuity policy with PIC covering all remaining liabilities of the Plan. This is in addition to annuity policies previously purchased with PIC in 2012 and 2017. These bulk purchase annuity policies (also known as buy-ins) will be held as investments of the respective plans and the Trustees retain financial responsibility for paying members’ pensions from these Plans. The purchase of these policies was an investment decision by