Independent News and Media has denied that its restructuring of its pension arrangements which will reduce the entitlements of staff is intended to pay a dividend to shareholders.
Two weeks ago, the company informed the trustees of the INM defined benefit pension schemes that it was ceasing contributions to the schemes – resulting in an estimated loss of pension benefits of up to 30%.
Staff had already lost 40% of their anticipated benefits under a ten-year pension restructuring plan in 2013.
The total benefit cut is now estimated at 70%.
In a statement, the company described some recent media comment as inaccurate.
It says it is not and never has been the company’s intention to renege on the 2013 agreement with the pensio…
Read the full article at: https://www.rte.ie/news/business/2016/1212/838413-inm-pensions/