Published by Global Banking & Finance Review®
Posted on February 23, 2026
2 min readLast updated: April 2, 2026
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UK pensions watchdog issued a warning notice tied to the Tuffnells scheme that could leave Smiths News liable for about £3.5m. The company says it acted reasonably; the regulator will assess submissions before deciding on any financial support direction.
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)
The UK Pensions Regulator has issued a Warning Notice linked to the Tuffnells Parcels Express pension scheme, which could require Smiths News to provide financial support.
The potential exposure is around £3.5 million based on the scheme’s Section 75 debt estimate. The final amount, if any, depends on the regulator’s decision.
Smiths News and other connected parties can submit representations. tPR’s case team and Determinations Panel will then decide whether to issue a Financial Support Direction and on what terms.
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