UK Publisher Reach Discovers 5-Million-Pound Pension Shortfall

Reach -- which owns the Mirror, Express and other UK publications -- has found a £5 million gap in one of its pension programs. 

The company hopes to pay the money this year, the Telegraph reports. 

The origin of the problem dates back to 2018, when Reach acquired West Ferry Printers and inherited its pension plan. 

Despite the pension issue, the company expects its fourth-quarter results to exceed expectations. 

Reach expects its total pension contributions for 2024 to hit £60 million, roughly the same as the prior year.

The history has been controversial. Robert Maxwell -- a former owner of Mirror Group Newspapers prior to its acquisition by Reach -- plundered around £450 million from the firm’s pension program, the Telegraph writes.

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