Friday 23 August 2019

Management at INM make proposal to pension trustees

Members of the NUJ and Siptu protesting outside the EGM. Photo: Mark Condren
Members of the NUJ and Siptu protesting outside the EGM. Photo: Mark Condren
Donal O'Donovan

Donal O'Donovan

Management at Independent News & Media (INM) have made a proposal to the trustees of the company’s defined benefit pension plans and held talks to discuss the proposals today.

The company, which publishes and the country’s leading newspapers including the Irish Independent and Sunday Independent, has faced criticism amid claims it was seeking to walk away from the defined benefit pension schemes, which the company management says are unsustainable given the gap between their assets and liabilities.

Without extra funding, plans to wind up the schemes would have seen future pensioners lose 30pc of their expected retirement income.

“Independent News & Media (INM) and the trustees of the INM defined benefit pension plans met today to discuss proposals which have been put by the company to the trustees of both plans. 

"The basis for the allocation of contributions and the exact terms of the wind up of the defined benefit plans is a matter on which the company is consulting with the plan Trustees. 

"The details of the proposals or the content of the meetings are not being disclosed until matters are finalised by both parties and consultations are complete,” the company said in a statement.

Social Protection Minister Leo Varadkar this week said he had asked Attorney General Máire Whelan to assess whether it was possible for the Government to intervene in the courts in relation to the plans to wind up the schemes.

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