INM plan offers staff 54% of pension

Independent News and Media is attempting to plug the €162 million hole in its pension fund that could pay out only about 15% of what pensioners need if it were wound up today.

The company presented workers with a plan that would see recipients get 54% of what they were expecting when they retire, if the company returns to profitability. The major restructuring of the pension scheme will see the retirement age rise to 67 or 68.

The plan would also see workers take a 5% shareholding in the company that publishes the Independent, Sunday Independent, the Irish Daily Star and the Herald.