The Pensions Regulator (TPR) published a regulatory intervention report setting out how its engagement with Reach Plc and the trustee of the MGN Pension Scheme resolved a failure to agree the scheme’s 2019 triennial valuation. The engagement resulted in agreed 2019 and 2022 valuations and a revised funding plan under which the scheme is expected to be fully funded on a prudent technical provisions basis by January 2028. The MGN Pension Scheme has 5,490 members. Under the agreed outcome, deficit recovery contributions rise to GBP 46m per year from GBP 41m under the previous recovery plan, with an additional GBP 5.1m per annum backdated to the start of 2023 and payable each year until the end of January 2028, totalling GBP 25.5m over five years. The report also reiterates statutory duties around triennial valuations and flags that TPR will consider using its powers where agreement cannot be reached.
The Pensions Regulator 2025-03-11
The Pensions Regulator publishes intervention report after securing GBP 25.5m additional contributions for the MGN Pension Scheme
The Pensions Regulator published a report on its intervention with Reach Plc and the MGN Pension Scheme trustee, resolving a dispute over the scheme’s 2019 valuation. The agreement includes 2019 and 2022 valuations and a revised funding plan, with deficit recovery contributions increasing to GBP 46 million annually and an additional GBP 5.1 million per year backdated to 2023. The report emphasizes statutory duties for triennial valuations and warns of potential regulatory action if agreements are not reached.