INM pension cut plan go-ahead

The Pensions Board has formally approved plans by Independent News & Media that will result in the group slashing its pension deficit by €110m.

INM’s plan to restructure its defined benefit scheme has been well-flagged, but has been awaiting regulatory approval, before implementation.

The group’s management has already stated its intention to pump €5.6m into the restructured scheme, per annum, over the coming decade. However, staff are set to see a 39% cut to their pension entitlements, while an employee benefit trust will take a 5% stake in the company.