IN&M directors' pay rises €2.26m as pensions slump

TOTAL payment to the executive directors of Independent News & Media rose sharply from €4.5 million in 2001 to €6.76m for last year.

According to the 2002 annual report the group pension fund recorded a shortfall of €66m against €15.2m, reflecting the continuing downturn in equity markets. Accompanying notes with the accounts show the group is forecasting a long-term rate of return on equities at 7.7% against an assumed return of 8.3% the previous year.

Overall, the total deficit at the year end on the pensions front was €75.6m.