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Pensions Board accepts IN&M's restructuring proposal

Independent News & Media has reduced its pension deficit by €110 million
Independent News & Media has reduced its pension deficit by €110 million

Independent News and Media's proposal to restructure its pension scheme has been accepted by the Pensions Board.

In its interim results two weeks ago, INM said the proposal would include reductions to members accrued benefits.

The cuts take effect from last Monday, 9 September.

The company said it had reduced its pension deficit by €110 million. The fund is believed to have a remaining deficit of approximately €80 million.