Readers Digest announced that they had gone into administration yesterday. This move has been expected after rumours that Readers Digest had a shortfall in its UK Pension Fund of £125million. The American owners of Readers Digest, the Readers Digest Association agreed to pay a small percentage of the deficit, but was over-ruled by the regulator.
The administrator went on television, confirming that Readers Digest would carry on as usual until a buyer was found. It is understood that Readers Digest [UK] is a profitable company, with a strong brand and should have no difficulties attracting bids. The American readers digest was formed in 1922 and the UK version in 1938, and now has a circulation of over half a million. The 1000th edition was published in 2005.
B.T. announced on the 11th February that they would pay off its £9 billion pension deficit. Previously BT had agreed to pay an extra £525m into the scheme in 2009, 2010 and 2011. Now it has agreed to continue the process for a further 14 years, starting with £583m in 2012 and rising by 3% a year thereafter.
Vic Farron RFT Express
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