Trinity Mirror has announced plans to close its defined benefit pension plan to existing members claiming it can no longer afford to provide the scheme.
The publishing group is entering a two-month consultation period with employees over its proposal to close the scheme to future accrual. About 3,000 of its 7,000 staff are currently active members of the DB scheme.
Closing these schemes to future accrual would help limit the increase in liabilities in the DB pension schemes and help the group to fulfil its commitment to eliminate the current deficit.
A statement from Trinity Mirror said: “Current contributing members, who would no longer build up future benefits in their DB scheme, would be given the choice of building up future pension benefits in the existing defined contribution Trinity Mirror Pension Plan.”
Click here for more articles on occupational pensions