RE: Press gazette end of pension deficit17 Jan 2024 18:50
From Q3 UPDATE.
The MGN Pension scheme resolution
We are pleased to report that we have now concluded the 2019 triennial valuation for the MGN scheme,
and at the same time concluded its 2022 triennial valuation. The funding valuation of the MGN scheme at
31 December 2022 showed a deficit of £219.0m. This deficit is expected to be removed via a schedule of
contributions that includes annual payments of £46.0m pa from January 2023 until January 2028. The
previous schedule of contributions for the MGN scheme included payments of £40.9m pa from 2023 to
20273
. Discussions are ongoing with the Group’s other schemes in relation to the 2022 triennial valuations
and are expected to be concluded satisfactorily by the 31 March 2024 due date.