UK's Smiths News warned by pensions regulator over Tuffnells scheme (updated)

Smiths News

23/02/2026 07:33

Adds details throughout

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.

The total possible liability could amount to about 3.5 million pounds ($4.7 million), according to the notice.

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.

"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.

The regulator will review submissions from Smiths News and other connected parties before deciding if financial support needs to be put up.

($1 = 0.7393 pounds)

 (Reporting by Shashwat Awasthi in Bengaluru; Editing by Ronojoy Mazumdar and Mrigank Dhaniwala)

 ((Shashwat.Awasthi@tr.com))