Smiths News warns it could be forced to support former pension scheme

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Smiths News PLC said on Monday it has received a warning notice from the UK Pensions Regulator over its formerly-owned Tuffnells Parcels Express Pension Scheme, which could force the company to provide financial backing to the pension fund.

The Swindon, England-based newspaper wholesaler also said that the Pensions Regulator could issue a Financial Support Direction, seeking a maximum aggregate of £3.5 million from all its targets, including other parties identified by the regulator, to keep the fund’s solvency intact.

Smiths News owned the Tuffnells scheme from December 2014 to May 2023. The scheme entered administration in June 2023.

Smiths’s board said it is reviewing the notice it has received on Friday to make submissions in response to the regulator’s warning, and that ‘it is too early to know if an FSD will be issued, or the amount or form of any such support’.

Smiths News shares fell 3.9% to 68.80 pence each on Monday morning in London.

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