Trinity Mirror to close final salary pension scheme

by John Reynolds, mediaweek.co.uk 09-Nov-09, 10:20

LONDON - Trinity Mirror is planning to close its final salary pension scheme after deciding it can no longer financially support it.

The Daily Mirror publisher is closing four schemes: Midlands Independent Newspapers, Middlesex County Press, Mirror Group Newspapers and the Trinity Retirement Benefit Scheme.

Over the past eight years, the overall deficit of the benefits scheme has risen from £37m in 2001 to £275m in 2009, despite the group making extra contributions of £259m in the same period.

Members of the scheme, which has around 3,000 active members, will be transferred to other schemes.

A group statement said: "Trinity Mirror is entering a two-month consultation period with employees over its proposal to close the group's defined pension schemes to future accrual.

"The cost of final salary pension provision continues to increase and the group can no longer afford to provide these benefits."

The move was attacked by Paul Holleran, NUJ Scottish secretary. He said: "This announcement has left many members shell-shocked. The scrapping of the final salary scheme is the latest in a long line of attacks on staff at Trinity Mirror and serious questions need to be asked and answered about the capability of the senior Trinity directors."