TM spends £10m to top up its pensions

Trinity Mirror is to pay more than £10 million to plug a shortfall in its final salary pension schemes.

Payments
into the schemes, which are no longer open to new staff, have gone up
to £10.5 million this year, compared with £6 million in 2004.

A
spokesman for Trinity Mirror said: “This is a straightforward case of a
company acting to ensure its pensions schemes are well-funded.

“Formal
valuations are carried out regularly and, based on the actuary’s
advice, we have simply taken the decision to increase our contributions.

“Naturally, the company will continue to work closely with the trustees to ensure a good funding position for our schemes.

“All the group’s pension schemes continue to be adequately funded and there are no liquidity issues with any of them.”

The
pension fund of the national Mirror titles faced a crisis in the early
Nineties following the death of proprietor Robert Maxwell and the
revelation he had taken money out of it.

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