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Staff at Independent News and Media are to protest outside a company meeting today over a 70% cut to their pension benefits.

Earlier this month INM announced it would no longer be contributing to the defined benefit pension scheme, which will now have to close.

Separately, the company will today seek shareholder approval for measures that would permit the resumption of dividend payments for shareholders including businessmen Denis O’Brien and Dermot Desmond, who between them own almost 45% of the company.

In 2013, Independent News and Media restructured its defined benefit pension scheme.

Under that ten-year plan, staff had to accept benefit cuts of around 40%.

But last month INM announced  that it would cease contributions to that scheme citing factors including regulatory funding requirements and falling bond yields.

INM staff set to protest over pension cuts of 70% (RTE)

UPDATE:

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Ingrid Miley tweetz:

Union briefing re: pension cuts at INM gets underway – protest to follow outside EGM at 13.30…

10 thoughts on “Free At 1.30pm?

  1. Tom

    Yes, Clampers Outside. I guess they should just roll over and take the cuts. No point in resisting right?

      1. Cot

        Clampers is in favour of this protest? The blueshirt Clampers? I’m guessing he got hit by the Indo, he’s normally an Ayn Rand robot.

  2. Cot

    In fairness, Denis needs the money. WHY are the former employees being so righteous about this? Leave O’Brien alone.

  3. DubLoony

    For people close to retirement after 40 years service, this is harsh.
    Paying dividends over retirement contributions is a choice.
    Bond yields are low for everyone, they stop anyone making a contribution.

  4. curmudgeon

    Notably the independent is now financially in very rude health. This situation could not have occurred in northern Ireland and the rest of the UK due to legislation there that protects workers pensions if the company coffers are well stocked. Listening to sean o rourke this morning was a sobering experience for private sector employees and as every text he read out mentioned, only public servant pensions are safe.

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