LONDON (Alliance News) - Local media group Johnston Press PLC on Wednesday said the study conducted with a view to cutting its pension scheme liabilities is set to result in a reduction.
The company said the study is expected to reduce the present value of the Johnston Press Pension Plan by around GBP50.0 million.
In addition, following a change to the scheme rules by the trustee, Johnston Press will be entitled to participate in any surplus when the scheme closes. As a result of this, an additional liability of GBP3.0 million will no longer be required.
In total, the adjustments will reduce the scheme deficit by around GBP53.0 million, from around GBP90.0 million previously.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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