Smiths News has received a formal warning from the UK's pensions regulator concerning the Tuffnells Parcels Express Pension Scheme, a development disclosed in the company's recent financial filing. The regulator, The Pensions Regulator (TPR), is actively considering imposing a Financial Support Direction (FSD) against Smiths News, a powerful tool granting wide-ranging enforcement powers. The filing reveals the Section 75 debt of the troubled scheme, the maximum aggregate liability TPR can pursue, stands at £3,467,000.

Smiths News owned Tuffnells Parcels Express Limited, the scheme's employer, between December 2014 and May 2020; Tuffnells subsequently entered administration. The board maintains it acted reasonably during its ownership and was a net contributor to the scheme. Smiths News stated it is reviewing the Warning Notice with advisers and will respond before TPR decides on the FSD. The £3.467 million liability figure and the potential FSD are the most immediate market concerns stemming from this regulatory action.