INM proposes slashing pensions by half to resolve €162m deficit

Leslie Buckley, the chairman of Independent News & Media, has described the €162 million pension hole at the newspaper as "a tragedy", while defending cuts.

27th April, 2013
Leslie Buckley: pension deficit a 'tragedy'. Photo: Tony O'Shea

Leslie Buckley, the chairman of Independent News & Media, has described the €162 million pension hole at the newspaper as "a tragedy". However, he said that cuts to the pension were needed in order to secure the survival of the business.

Buckley would not comment on the details of the pension restructuring, but a recent internal company document proposed a cut of 50 per cent to benefits. Market sources said that the debt deal announcement...

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