Independent 'will look at all options' on pension scheme
INDEPENDENT Newspapers (Ireland) managing director Declan Carlyle said yesterday that the company was exploring all options as it considered the future of the company's pension scheme.
The comments were made following recent changes to the rules governing pensions.
New minimum funding standard (MFS) rules say pension schemes must have enough assets in place to secure pensioner liabilities and other accrued benefits if the scheme were to be wound up.
"In light of the Pension Board's recent reinstatement of the MFS requirement, Independent Newspapers (Ireland) is exploring all options with a view to arriving at the best possible outcome for all the stakeholders, taking account of the difficult circumstances we find ourselves in," Mr Carlyle said in a statement yesterday evening.
"In this regard, we are no different than most other private-sector defined benefit plans."
Pensions Board boss Brendan Kennedy said yesterday that 80pc of defined benefit schemes are in deficit. The new regulations would force companies to address shortfalls in their schemes and send plans to the Pensions Board by the end of the year.
Earlier, Independent Newspapers (Ireland) parent Independent News & Media said in a stock exchange announcement that it would delist from the New Zealand stock exchange next Friday but retain listings in Dublin and London.