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

Published by Global Banking & Finance Review®

Posted on February 23, 2026

2 min read

Last updated: February 23, 2026

Tags:corporate governance

Quick Summary

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.

UK Pensions Regulator Issues Warning to Smiths News on Tuffnells Plan

Regulator Warning and Potential Liability

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.

Background: Smiths News and Tuffnells

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

Ownership Timeline (2014–2023)

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.

Company Response from Smiths News

"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.

Next Steps in Regulator Review

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

Currency Reference and Attribution

($1 = 0.7393 pounds)

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

Key Takeaways

•The UK Pensions Regulator issued a Warning Notice to Smiths News on February 20, 2026 regarding the Tuffnells pension scheme.
•Potential liability is estimated at about £3.5 million, linked to the scheme’s Section 75 debt.
•Smiths News owned Tuffnells from December 2014 until its sale in May 2020.
•Tuffnells Parcels Express entered administration on June 12, 2023.
•Smiths News says it acted reasonably; tPR will review submissions before deciding on any Financial Support Direction.

Frequently Asked Questions about UK's Smiths News warned by pensions regulator over Tuffnells scheme

1What is the main topic?

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.

2How much could Smiths News be liable for?

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.

3What happens next in the process?

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.

Regulator Warning and Potential Liability

Background: Smiths News and Tuffnells

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

Ownership Timeline (2014–2023)

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.

Company Response from Smiths News

Next Steps in Regulator Review

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

Currency Reference and Attribution

($1 = 0.7393 pounds)

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

Key Takeaways

•The UK Pensions Regulator issued a Warning Notice to Smiths News on February 20, 2026 regarding the Tuffnells pension scheme.

•Potential liability is estimated at about £3.5 million, linked to the scheme’s Section 75 debt.

•Smiths News owned Tuffnells from December 2014 until its sale in May 2020.

•Tuffnells Parcels Express entered administration on June 12, 2023.

•Smiths News says it acted reasonably; tPR will review submissions before deciding on any Financial Support Direction.

Frequently Asked Questions

1What is the main topic?

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.

2How much could Smiths News be liable for?

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.

3What happens next in the process?

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.