Trinity Mirror to cut pension fund payments by £69m over three years

Trinity Mirror is to cut its pension fund payments by £69 million over three years as part of a deal to refinance its £221 million debt.

The newspaper group, which publishes five national papers and more than 130 regional titles, has reached a deal with the trustees of its pension schemes to reduce payments for the next three years to £10 million a year.

This comes after the group’s pension deficit rose by £55 million in 2011 to £173 million.

Vijay Vaghela, financial director at Trinity Mirror, is meeting with Barry Fitzpatrick, deputy general secretary of the National Union of Journalists (NUJ), to discuss and clarify the new arrangements.

A spokesperson for Trinity Mirror said: “Vaghela is more than happy to meet with Fitzpatrick as he has done on previous occasions to discuss pensions.”

Michelle Stanistreet, general secretary at NUJ, said: “There are employees of Trinity Mirror who remember, and those who suffered, from the pension rip-off by Robert Maxwell in the 1990s. No wonder they are worried.

“That is why we have to have a full discussion about what the changes will mean for our members and what the organisation’s long-term plans on pension contributions are.”

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