23rd Dec 2021 11:50
(Alliance News) - Publisher Reach PLC faces intervention by the UK Pensions Regulator for not increasing contributions to address a large funding deficit, the Telegraph reported late Wednesday.
Reach publishes the Daily Mirror, Express and Star newspapers, among other print titles and websites.
The trustee of its pension fund, in a letter to scheme members last week, said it had "requested that the Pension Regulator now take a more active role to try to help reach a positive outcome for all stakeholders", according to the Telegraph.
"Any solution to this will need to involve additional contributions, which in the trustee's view are readily affordable by the company in the period to 2027," a spokesperson for the trustee said.
In response, Reach told the Telegraph: "The company and the board remain committed to working towards the objective of achieving funding of all schemes as previously agreed in our 2016 review."
https://www.telegraph.co.uk/business/2021/12/22/daily-mirror-owner-faces-action-pension-fund-deficit/
Reach shares were down 3.4% at 268.45 pence near midday on Thursday, the worst FTSE 250 performer.
By Tom Waite; [email protected]
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