Newsquest invests £40m of pension fund in hedge funds

Posted by Patrick Smith on 24 July 2008 at 09:47
Tags: Regional Newspapers

Regional newspaper company Newsquest has invested £40m - the equivalent of 10 per cent - into two hedge funds,

Newsquest pension scheme, which like most other local newspaper companies’ schemes is closed to new members, has a deficit of around £65m. Last July Newsquest’s 9,000 staff were told they would have to increase their contributions from six to 10 per cent to receive the same pension - with the company contributing 12 per cent.

Chairman of the fund trustees David Coates said the plan was to get “superior returns” for members.

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