Pension contribution deferral agreed by Reach

Posted: May 7th, 2020

An extract from Reach plc’s four-month trading statement to investors:

“On 6 April, we confirmed that a number [of] cash conservation and cost reduction measures had already been introduced. Further to these actions we also announced additional measures including pay reductions, suspensions of all 2020 bonus schemes and furloughing of a number of colleagues, as well as the cancellation of the 2019 final dividend. These changes were successfully implemented shortly after the announcement. In addition, we began discussions with pension funds about a three-month deferral of monthly contributions which has now been agreed.“