Express pension fund in the red

EXPRESS Newspapers' pension funds plunged into a £22.6 million deficit last year - while the personal pension pot of its owner, Richard Desmond, was boosted by almost the same amount.

The figures are revealed in the latest accounts for RCD1, the ultimate holding company of Northern & Shell, owner of the Express titles.

The group's pension fund registered a £10.1 million surplus the previous year.

Desmond earned nearly £21 million in 2002, against £8.8 million in the previous year. The bulk of his earnings last year was a £20.4 million payment into his personal pension plan for tax reasons.

Profits at RCD1 fell by 57% from £20.7 million to £8.9 million.

Its newspaper and magazine publishing interests, which include OK! magazine and Asian Babes, recorded a £1.7 million loss compared with a £5 million profit the previous year.

Desmond's broadcasting interests, primarily The Fantasy Channel, saw profits fall to £8.9 million from £15.8 million.