Trinity Mirror has concluded its consultation with employees over its proposal to close the Group's defined benefit pension schemes to future accrual. After careful consideration the Group has decided to implement its proposal and the affected schemes will close to future benefit from 1 April 2010.
While the cost of final salary pension provision continues to increase, closing the Group's defined benefit pension schemes to future accrual will help limit the increase in liabilities. This will help the Group to fulfil its commitment to eliminate the current deficit.
As a result of the consultation and listening to scheme members' concerns, the Group has made a number of valuable enhancements which will benefit members of both the defined benefit and defined contribution schemes. These include an increase in Group contributions, an increase in matching options up to 10% and financial advice at retirement.
