INM ‘optimistic’ over pension plan

Independent News & Media (INM) expects imminent Pensions Board approval for its pension scheme restructuring plans, adding it is “optimistic” regarding an agreement.

Along with all other resolutions put to them at yesterday’s AGM in Dublin, shareholders voted in favour of the one that allows for the adoption of an employee benefit trust, which will ultimately take a 5% stake in the group.

As part of plans to cut its €130m pensions deficit, INM has already said staff are set to see a 39% cut in their pension entitlements, while around €5.6m will be pumped into the scheme, per annum, over the next decade.