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To ask the Secretary of State for Business, Energy and Industrial Strategy, if she will make an assessment of (a) the reasons for the collapse of Johnston Press and (b) whether additional powers for the Pension Regulator would help to safeguard pension funds and mitigate the potential financial loss to...
To ask the Secretary of State for Business, Energy and Industrial Strategy, if she will make an assessment of (a) the reasons for the collapse of Johnston Press and (b) whether additional powers for the Pension Regulator would help to safeguard pension funds and mitigate the potential financial loss to...
The Johnston Press Group entered administration on 17 November 2018 and its business and assets were sold to a company owned by the Group’s bondholders (JPI Media Group) under a pre-pack arrangement. The government cannot comment on individual insolvency cases. However, the Pensions Regulator in its report of March 2019 found no evidence that the insolvency of Johnston Press was avoidable and had no reason to use its anti-avoidance powers.
The government’s White Paper 2018 “Protecting Defined Benefit Pension Schemes” proposed a number of new measures to provide better protection for scheme members’ benefits, including giving the Pensions Regulator additional powers to enable it to be more proactive with tougher penalties to deter wrongdoing.
A response to the consultation was published on 11 February 2019.
To ask the Secretary of State for Digital, Culture, Media and Sport, whether he has met the right hon. Member for Uxbridge and South Ruislip to discuss the future of Johnston Press since his appointment.
To ask the Secretary of State for Digital, Culture, Media and Sport, whether he has met the right hon. Member for Uxbridge and South Ruislip to discuss the future of Johnston Press since his appointment.
I have not met with the right hon. Member for Uxbridge and South Ruislip to discuss the future of Johnston Press.
To ask the Secretary of State for Digital, Culture, Media and Sport, what information his Department holds on the current board members of JPI Media; and of those members, how many served previously on the Johnston Press board.
To ask the Secretary of State for Digital, Culture, Media and Sport, what information his Department holds on the current board members of JPI Media; and of those members, how many served previously on the Johnston Press board.
The directors of JPI Media Holdings Ltd are David Duggins, Dean Merritt, and John Ensall, none of whom have previously been directors of Johnston Press.
To ask the Secretary of State for Northern Ireland, what assessment she has made of the effect on local and regional newspapers in Northern Ireland of the pre-pack rescue of Johnston Press; and if she will make a statement.
To ask the Secretary of State for Northern Ireland, what assessment she has made of the effect on local and regional newspapers in Northern Ireland of the pre-pack rescue of Johnston Press; and if she will make a statement.
My deepest sympathies go out to anyone facing uncertainty as a result of the changes at Johnston Press. The Secretary of State for Digital, Culture, Media and Sport has made an assessment of the challenges facing local and regional newspapers, both from the resale of Johnston Press and more broadly, in the whole of the UK including Northern Ireland. Details can be found at:
To ask the Secretary of State for Work and Pensions, what information her Department holds on the steps the JPI Media Board will take to mitigate pension losses and to stabilise the pension scheme for employees of Johnston Press.
To ask the Secretary of State for Work and Pensions, what information her Department holds on the steps the JPI Media Board will take to mitigate pension losses and to stabilise the pension scheme for employees of Johnston Press.
The Johnston Press Pension Plan is currently in the Pension Protection Fund’s (PPF) assessment period, where it will be assessed whether the scheme’s funding level is sufficient to secure pensions to its members at least equal to the level of compensation the PPF would pay. If the scheme’s funding is not sufficient, then it will transfer into the PPF and compensation will be paid at 100 per cent for individuals over their scheme’s retirement age at the date of the insolvency, and 90 per cent of the member’s accrued benefits, subject to an overall cap for everyone else. Benefits accrued post 1997 will be linked to PPF indexation going forward.
There are around 5,000 pension scheme members who will be affected.
The Pensions Regulator and the PPF are working together with the administrators to understand the circumstances surrounding the sale and its implications for the Johnston Press Pension Plan.
To ask the Secretary of State for Work and Pensions, what information she holds on the (a) number of past and present employees of Johnston Press who will be affected by its decision to transfer its pension scheme to the Pension Protection Fund and (b) potential proportionate change in the...
To ask the Secretary of State for Work and Pensions, what information she holds on the (a) number of past and present employees of Johnston Press who will be affected by its decision to transfer its pension scheme to the Pension Protection Fund and (b) potential proportionate change in the...
The Johnston Press Pension Plan is currently in the Pension Protection Fund’s (PPF) assessment period, where it will be assessed whether the scheme’s funding level is sufficient to secure pensions to its members at least equal to the level of compensation the PPF would pay. If the scheme’s funding is not sufficient, then it will transfer into the PPF and compensation will be paid at 100 per cent for individuals over their scheme’s retirement age at the date of the insolvency, and 90 per cent of the member’s accrued benefits, subject to an overall cap for everyone else. Benefits accrued post 1997 will be linked to PPF indexation going forward.
There are around 5,000 pension scheme members who will be affected.
The Pensions Regulator and the PPF are working together with the administrators to understand the circumstances surrounding the sale and its implications for the Johnston Press Pension Plan.
To ask the Secretary of State for Work and Pensions,what the Pension Protection Fund has determined the value of Johnston Press pension deficit to be.
To ask the Secretary of State for Work and Pensions,what the Pension Protection Fund has determined the value of Johnston Press pension deficit to be.
The Johnston Press Pension Plan is currently in the Pension Protection Fund’s (PPF) assessment period, where it will be assessed whether the scheme’s funding level is sufficient to secure pensions to its members at least equal to the level of compensation the PPF would pay. If the scheme’s funding is not sufficient, then it will transfer into the PPF and compensation will be paid at 100 per cent for individuals over their scheme’s retirement age at the date of the insolvency, and 90 per cent of the member’s accrued benefits, subject to an overall cap for everyone else. Benefits accrued post 1997 will be linked to PPF indexation going forward.
There are around 5,000 pension scheme members who will be affected.
The Pensions Regulator and the PPF are working together with the administrators to understand the circumstances surrounding the sale and its implications for the Johnston Press Pension Plan.
Letter dated 20/11/2018 from Jeremy Wright MP to Louise Haigh MP and others regarding the position of former employees of Johnston Press who are currently in receipt of their pension. 2p.
Letter dated 20/11/2018 from Jeremy Wright MP to Louise Haigh MP and others regarding the position of former employees of Johnston Press who are currently in receipt of their pension. 2p.
Lords statement on the impact of Johnston Press going into administration.
Lords statement on the impact of Johnston Press going into administration.
Urgent question on the impact of Johnston Press going into administration.
Urgent question on the impact of Johnston Press going into administration.
Further to that point of order, Mr Speaker. Perhaps I should simply say this. I, too, will check the record, but I recall saying that I gave my understanding of the current situation. I think that I also undertook to make sure that that was correct, and I shall do...
Further to that point of order, Mr Speaker. Perhaps I should simply say this. I, too, will check the record, but I recall saying that I gave my understanding of the current situation. I think that I also undertook to make sure that that was correct, and I shall do...
I have an account of exactly what the Secretary of State said. He said, “The hon. Gentleman asked me about current pensioners. As far as I understand it, they will not be affected. Anyone in receipt of their pension now will continue to be paid. The changes will affect those...
I have an account of exactly what the Secretary of State said. He said, “The hon. Gentleman asked me about current pensioners. As far as I understand it, they will not be affected. Anyone in receipt of their pension now will continue to be paid. The changes will affect those...
The Batley & Birstall News has been serving my constituency for 140 years and, with the Spenborough Guardian, is a much loved title. They have fantastic campaigns such as “Love Your High Street”. My concern about the reconfiguration is that there will be some asset stripping
and only the most...
The Batley & Birstall News has been serving my constituency for 140 years and, with the Spenborough Guardian, is a much loved title. They have fantastic campaigns such as “Love Your High Street”. My concern about the reconfiguration is that there will be some asset stripping
and only the most...
My Lords, with the leave of the House, I shall repeat in the form of a Statement the Answer to an Urgent Question on Johnston Press asked in the other place:
“Mr Speaker, as the House will know, on Friday Johnston Press confirmed that it was going into administration. Johnston Press...
My Lords, with the leave of the House, I shall repeat in the form of a Statement the Answer to an Urgent Question on Johnston Press asked in the other place:
“Mr Speaker, as the House will know, on Friday Johnston Press confirmed that it was going into administration. Johnston Press...
My Lords, I come in at the point at which the Minister left the Statement. My first real job was, week after week, to write the front page of our local newspaper, the Star. It produced Llangennith, Llwchwr, Llanelli and Burry Port versions, and I did the Burry Port bit....
My Lords, I come in at the point at which the Minister left the Statement. My first real job was, week after week, to write the front page of our local newspaper, the Star. It produced Llangennith, Llwchwr, Llanelli and Burry Port versions, and I did the Burry Port bit....
The noble Lord makes a number of good points. First, I wholeheartedly agree with him about the need to support, where we possibly can, local newspapers. They have been the lifeblood of communities, and they provide essential and very necessary information for communities, whether on local democracy and local councils,...
The noble Lord makes a number of good points. First, I wholeheartedly agree with him about the need to support, where we possibly can, local newspapers. They have been the lifeblood of communities, and they provide essential and very necessary information for communities, whether on local democracy and local councils,...
My Lords, this is a very serious moment for the reporting of local events. First, I want to raise my concerns particularly about the future of the Yorkshire Post, which is a renowned newspaper that provides, in Yorkshire and surrounding areas, a regional perspective on news that would otherwise reflect...
My Lords, this is a very serious moment for the reporting of local events. First, I want to raise my concerns particularly about the future of the Yorkshire Post, which is a renowned newspaper that provides, in Yorkshire and surrounding areas, a regional perspective on news that would otherwise reflect...
The noble Baroness is right that the Cairncross review will not be reporting until next year, but she may be reassured by the very fact that JPI is rescuing Johnston Press—as she will know, this is a consortium made up of GoldenTree, Fidelity and two other quality fund managers—and has...
The noble Baroness is right that the Cairncross review will not be reporting until next year, but she may be reassured by the very fact that JPI is rescuing Johnston Press—as she will know, this is a consortium made up of GoldenTree, Fidelity and two other quality fund managers—and has...
My Lords, I share the noble Lord’s nostalgia for the many titles that our local communities and regions used to enjoy reading, as does the noble Baroness on the Liberal Democrat Benches, but may I caution my noble friend not to commit the Government to investing huge sums of taxpayers’...
My Lords, I share the noble Lord’s nostalgia for the many titles that our local communities and regions used to enjoy reading, as does the noble Baroness on the Liberal Democrat Benches, but may I caution my noble friend not to commit the Government to investing huge sums of taxpayers’...
I thank my noble and learned friend, who makes some good points. First, as I said, the move to online is happening, it is inevitable and it is fair to say that a lot of young people only go
online. But it is also important that the transfer for local...
I thank my noble and learned friend, who makes some good points. First, as I said, the move to online is happening, it is inevitable and it is fair to say that a lot of young people only go
online. But it is also important that the transfer for local...