INM staff told pensions will be reduced by 39%

Independent News and Media has written to pension holders to inform them that they will only be receiving a fraction of what they are owed from the company’s defined benefit pension scheme.

Current staff who have yet to retire were told that they could expect to see 39% of their pension cut.

The trustees of the pension fund described the pension fund as being in “a very serious situation,” as they were forced to submit a new plan to the Pensions Board on how they planned to fund the scheme.