Feb 23 (Reuters) - The UK pensions regulator has issued a warning notice to Smiths News and other parties related to the Tuffnells Parcels Express pension scheme, which may lead to the newspapers and
UK Pensions Regulator Issues Warning to Smiths News on Tuffnells Plan
Regulator Warning and Potential Liability
Feb 23 (Reuters) - The UK pensions regulator has issued a warning notice to Smiths News and other parties related to the Tuffnells Parcels Express pension scheme, which may lead to the newspapers and magazines distributor to contribute financial support, it said on Monday.
Background: Smiths News and Tuffnells
The total possible liability could amount to about 3.5 million pounds ($4.7 million), according to the notice.
Ownership Timeline (2014–2023)
Smiths News owned Tuffnells Parcels Express, the sponsoring employer of the pension scheme, from December 2014 to May 2020. Tuffnells entered administration in June 2023.
Company Response from Smiths News
"The board maintains the view that Smiths News acted reasonably throughout its time as parent of Tuffnells and that it was an overall net contributor of funding to Tuffnells during its period of ownership," the company said in its statement.
Next Steps in Regulator Review
The regulator will review submissions from Smiths News and other connected parties before deciding if financial support needs to be put up.
Currency Reference and Attribution
($1 = 0.7393 pounds)
(Reporting by Shashwat Awasthi in Bengaluru; Editing by Ronojoy Mazumdar and Mrigank Dhaniwala)
