INDEPENDENT News & Media has announced it has reached an agreement with the Pensions board over its defined benefit scheme.
The company said today the move will achieved a reduction in the group's scheme of about €110m to about €80m.
The reduction in benefits is effective immediately.
This restructuring of the pension scheme completes the pension restructuring as outlined in the circular to shareholders dated 24 May 2013 and is a further significant step in the group’s balance sheet restructuring," the company said in a statement today.
INM recently agreed to a 5pc share plan for those transferring into the new defined benefit scheme.
And the pension agreement also paves the way for a capital raising programme of €40m which is set to reduce debt further at INM.