Telegraph group renews pensions bid on West Ferry site

Matt Whipp
Friday, December 21, 2007

The Telegraph Media Group (TMG) has announced an additional 10m and promised an 11m contribution to the pension fund at the West Ferry print site, on the condition that its partner, Express Newspapers, matches the 10m offer.

The pledge is part of the companies' attempt to shore up a £66m pensions deficit. A previous offer of £8m from TMG was described as "wholly insufficient" by its partner, Express Newspapers, which owns 50% of the plant. 

In a letter to pension scheme members, TMG chief executive Murdoch MacLennan, said: "This is a significant sum in the funding process and is a sign of our ongoing commitment." 

"We very much hope that our partners at West Ferry will match this funding. In the New Year we will work with your Trustees, Express Newspapers, and the Pensions Regulator to ensure that all remaining issues are resolved as swiftly as possible. But in the meantime, you have my assurance that all our obligations will continue to be honoured." 

The company is also recommending a four point plan to the Pensions Regulator to move things to a conclusion. 

The Pensions Regulator said it is unable to comment on ongoing cases.

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