Johnston Press
MorganAsh undertook a MUMS analysis for Johnston Press; the result of the revaluation for financial reporting was a reduction in the deficit of £50m – around 10% of the total pension value.
Johnston Press is one of the largest local and regional multimedia organisations in the UK. It provides news and information services to local and regional communities through its extensive portfolio of hundreds of publications and websites. The company’s titles span Scotland, the North East, West Yorkshire, the North West and Isle of Man, South Yorkshire, the South, Midlands and Northern Ireland – delivering extensive coverage of local news, events and information.
Johnston Press is sponsor to its £500m pension scheme. Previous valuations had shown a deficit of around £100m. In 2015, MorganAsh undertook a MUMS analysis targeting 550 pensioners. The result of the revaluation for financial reporting was a reduction in the deficit of £50m – around 10% of the total pension value. The revaluation figure has yet to be agreed with the trustees, this is ongoing.
As this was a material change to the company’s finances, it was announced to the stock market on 3rd February, and resulted in a 13% increase in the company’s share price, and coverage in the national media.
Johnston Press shares rise on pension deficit cut news – BBC News
