Do you a hold a Johnston Press Pension?
In mid-November the Johnston Press Pension Scheme headed to the Pension Protection Fund (PPF)as part of a deal to keep the publisher afloat. If you are a member of the Johnston Press Pension Scheme you should have received a letter from the trustees informing you of this.
Johnston Press Pension Background
Johnston Press is one of the UK largest Newspaper owners and holds titles such as National newspaper “I”, the Yorkshire Post and the Scotsman. It has been in trouble for some time and having been put up for sale has not been able to find a buyer.
In July, Johnston Press considered an (RAA) regulated apportionment arrangement for its pension scheme as one of a number of options for restructuring their £220 million worth of bonds which are due for payment in 2019. An RAA is an arrangement that allows a financially troubled employer to detach itself from its liabilities in respect of a DB pension scheme. This usually results in the scheme’s controlled entry into the PPF.
At the end of 2017, the Johnston Press Pension Plan had a deficit of £47.2m, a decrease from £67.7m in the previous year.
What does this mean for a Johnston Press Pension Scheme Member?
In a statement, trustees said: “Subject to these court approvals, the plan will enter into a PPF assessment period, and the trustees’ belief is that the Plan will ultimately transfer into the PPF.
“The trustees recognise that this is an unsettling time for members. Our priority now is to work with the administrator and the PPF to provide all possible assistance to members.”
In total there are 4959 and it is believed that around 2400 of those members will see cuts of at least 10% to their future pensions.
What can you do?
- First of all, speak to an adviser and allow us to examine your own unique position. We take a fully holistic approach to finding the best solution possible for your current and future requirements.
- Would a transfer out of the Johnston Press pension scheme be beneficial? Any defined benefits pension will come up against severe scrutiny before being allowed to transfer and rightfully so. The process is long and arduous but the first step should be to speak to an Independent Financial Adviser.
- If the transfer value is more than £30,000 and you wish to transfer you will need to take independent advice about transferring your benefits out from an adviser who is authorised by the Financial Conduct Authority. If you do not get advice the transfer cannot take place.
To find out more about your pension position and options. Contact Harrison Brook today to speak with an advisor to discuss your options. Harrison Brook is a cross-border pension transfer specialists. We can explain and assist in discovering the options available to you. Taking you through the process of gaining valuations up to placement into a suitable solution.
Take the first step.
To get the latest valuations of your pensions and to discuss a UK Pension Transfer with a European regulated adviser.